2006-023 - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2006- 023 3. A maintenance bond underwritten by a security insurer with an A.M. Best's rating of A+XI 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, andd ssidde.41. 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 posting, 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. (3) Failure to perform. In the event a developer and/or its contractor fails to perform the obligations for construction or maintenance required under the above referenced agreements, the board may call upon the surety provided, or any portion thereof, to be used for completion of the necessary remaining work. If the surety is exhausted prior to completion of the work necessary to complete the required improvements, the developer shall remain liable to the county for any resulting deficiency. The county is not responsible to complete any subdivision with county funds. (4) Release or reduction of security. (A) No construction security shall be released until a certificate of completion has been approved by the public works director, or his designee and security for maintenance has been established as required above. (B) Reduction in the amount of surety required, other than a final draw or reduction, may be authorized by the public works director after completion of any distinct and separate phase or portion of the required improvements. The amount of any given reduction shall not exceed eighty (80) percent of the cost of the completed work, as determined by the public works director following review of a cost estimate for said work prepared and certified by the developer's engineer. A reduction in construction security shall not be construed as acceptance of the improvement. Formal acceptance shall occur as provided elsewhere in this chapter, and only upon establishment of proper maintenance security, where required. Coding: Words/letters underscored are additions to text; words/letters in format are deletions to text. 5 FAAttorney\Nancy\DOCS\ORD\ord re final lift.doc