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r of County Commissioners, or (c) an irrevocable letter of credit, if approved by the Board of County Commissioners. 5) For good cause shown, the Board of County Commissioners may in its discretion grant one or more extensions of time for performance of any contract for required improvements, provided the surety supporting such contract remains valid for the required ninety (90) day period following the newly extended time for performance. B. Maintenance Security 1) At such time as the County determines to accept the dedication of any of the public improvements in a subdivision, the developer shall execute an agreement guaranteeing the required improvements against all defects in workmanship or materials, including failure to construct in accordance with approved plans and specifications, for the period of one year from the date of acceptance. 2) The agreement shall be on a form provided by the County and shall be secured by the posting of surety in an amount equal to twenty-five (25) percent of the total actual cost of the improvements covered. The surety shall be in one of the forms specified above for construction security. Surety other than performance bonds shall expire, if at all, no earlier than ninety (90) days following the end of the guarantee period. Performance bonds shall guarantee performance without any time limitation other than the statute of limitation. C. Failure to Perform In the event a developer fails to perform the obliga- tions for construction or maintenance required under the above referenced agreements, the Board may call upon the surety pro- vided, 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 improve- ments, the developer shall remain liable to the County for any resulting deficiency. The County is not responsible to complete any subdivision with County funds. -45-