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ORDINANCE NO. 2007- 014 equal to twenty-five (25) percent of the total actual cost of the improvements covered. The security shall be either: Cash and a cash deposit and escrow agreement governing control and use thereof; or 2. An irrevocable letter of credit issued by a financial institution authorized to conduct business within the state; or 3. A maintenance bond underwritten by a security insurer with an A.M. Best's rating of A+VII ,or greater and authorized to transact such business in this state. The posted security shall expire, if at all, no earlier than ninety (90) days following the end of the three-year guarantee period. Security for required road and drainage improvements shall run to the benefit of Indian River County. Upon receipt of a request to release maintenance security to a developer, and within approximately thirty (30) to sixty (60) days prior to a county inspection of required improvements scheduled at the end of the maintenance period, the county shall notify subdivision residents of the request and inspection. Notice may be provided by sign positing, mail, flyers, or advertisement. At the end of the three-year period, the public works director may release the security under the terms of the warranty and maintenance agreement which shall require certified inspection reports under seal from the developer's engineer and a determination from the county engineer that required road, drainage, and sidewalk improvements meet applicable county performance standards. SECTION 2. CODIFICATION. It is the intention of the Board of County Commissioners that the provision of this ordinance shall become and be made part of the Indian River County Code, and that the sections of this ordinance may be renumbered or re - lettered and the word ordinance may be changed to section, article or such other appropriate word or phrase in order to accomplish such intention. SECTION 3. SEVERABILITY If any section, sentence, clause, or phrase of this ordinance is held to be invalid or unconstitutional by any court of competent jurisdiction, then said holding shall in no way affect the validity of the remaining portions of this ordinance. Coding: Words/letters underscored are additions to text; words/letters in augh format are deletions to text. K FAAttorney\Nancy\DOCS\ORD\ord 2007 amending 913.10.doc