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JUL 20 1983 BOOK 5:4. ?Au ?2 <br />D. Release or Reduction of Security <br />1. No construction security shall be released until a <br />Certificate of Completion has been received, reviewed, and <br />approved by the Community Development Director, and security for <br />maintenance has been established as required above. <br />2. Reduction in the amount of surety required, other <br />than a final draw or reduction, may be authorized by the Board <br />upon the recommendation of the Public Works Director after <br />completion of any distinct and separable phase or portion of the <br />required improvements. The amount of any given reduction shall <br />not exceed eighty (80) percent of the cost of the completed work, <br />as determined by the Public Works Director following review of a <br />cost estimate for said work prepared and certified by the <br />developer's engineer. A reduction in construction security shall <br />not be construed as acceptance of the improvements, unless <br />expressly stated otherwise by the Board at the time of the <br />reduction. Formal acceptance shall occur as provided elsewhere in <br />this ordinance, and only upon establishment of proper maintenance <br />security. <br />E. Security for Municipalities <br />If the applicant is required to construct a public <br />system which will be accepted by a municipality, the applicant <br />shall furnish the municipality such security as the municipality <br />may require, including security for both performance and <br />maintenance of the system. <br />SECTION 9 <br />A. Improvements Required in all Subdivisions <br />Each subdivision shall contain the following <br />improvements designed and constructed to conform to the <br />requirements and specifications in the applicable laws of Indian <br />River County and the State of Florida: <br />1) streets <br />2) easements <br />3) utilities systems <br />4) drainage <br />5) erosion control provisions <br />-46- <br />