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ORDINANCE NO. 2006- 023 been issued for all required improvements, including required buffers, of the subdivision serving the residence with the exception of sidewalks fronting lots rather than common areas, and any final lift of asphalt in excess of the amount required by county development regulations as of the date of issuance of the Land Development Permit for the subdivision. Prior to issuance of a certificate of completion, the required code minimum laver of asphalt must be in place or the developer shall provide to the county either an irrevocable letter of credit or cash escrow in the amount of 125% of the estimated cost of the final lift including striping and resetting survey PCPs, as certified by the developer's engineer and approved by the County Engineer. Security for a final lift of asphalt shall be by contract for construction of final lift of asphalt and either an irrevocable letter of credit or cash deposit and escrow agreement. The final lift of asphalt must be installed prior to 2 years from proiect's certificate of completion; prior to issuance of a Certificate of Occupancy for the last residence within the subdivision (or a separately platted phase of a subdivision); or 60 days prior to turnover to a homeowners' association, whichever occurs first. (fin The board of county commissioners may charge fees to process requests to extend, modify, or substitute security and contracts for construction. Said fees shall be established by a formal resolution of the board of county commissioners. (2) Maintenance security. (A) Prior to issuance of the certificate of completion for required subdivision improvements, the developer shall execute an agreement and developer and/or its contractor shall provide security guaranteeing the required road and drainage, and sidawalk improvements against all defects in workmanship or materials, for the period of three (3) years from the date of issuance of the certificate of completion. The 3 -year maintenance period commences at the time the certificate of completion is issued and not when the final lift of asphalt is applied in the event a final lift of asphalt is secured by either an irrevocable letter of credit or cash escrow rather than installed. (B) The warranty and maintenance agreement shall be on a form provided by the county attorney's office and shall be secured by an amount equal to twenty-five (25) percent of the total actual cost of the improvements covered. The security shall be either: 1. 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 Coding: Words/letters underscored are additions to text; words/letters in format are deletions to text. n FAAttorney\Nancy\DOCS\ORD\ord re final lift.doc