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by a property owner's association. Bulkheads that abut private or public streets must also be accepted for maintenance and repair by the property owners' association. SECTION 8 SECURITY FOR CONSTRUCTION AND MAINTENANCE OF REQUIRED IMPROVEMENTS A. Construction Security f 1) When construction of required improvements is to be completed following final plat approval, the developer shall, at or prior to final plat approval, execute a contract for construc- tion of the required improvements and post security in an amount equal to one hundred fifteen (115) percent of the estimated total cost of improvements remaining tobeconstructed. 2) The contract shall be on a form provided by the County and shall obligate the developer to complete all required improvements in accordance with the land development permit, the approved plans and specifications, and County development regula- tions and standards, within a period of one year from the date of final plat approval. 3) The estimated total cost of improvements remaining to be constructed shall include survey, engineering and construc- tion costs and shall be approved by the Public Works Director after review of an itemized cost estimate prepared and certified by the developer's engineer, or an actual contract price or portion thereof for the work remaining, if available. 4) The surety posted to guarantee performance of the contract shall expire, if at all, no less than ninety (90) days beyond the last date for performance established by the contract, or any extension thereof. The surety shall run in favor of the Board of County Commissioners, must be in a form acceptable to the County Attorney, and may be either: (a) a Performance Bond underwritten by a surety insurer authorized to transact such business in this state, AN (b) a cash deposit and escrow agreement governing control and use thereof, if approved by the Board -44-