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ORDINANCE 2018- 018 improvements and later, at the time a certificate of completion is issued, is simultaneously released as construction security and re -designated as security for warranty and maintenance obligations. At the time of re -designation the amount of security may be reduced if approved by the Public Works Director in coordination with the Utility Services Director. Warranty and maintenance and Bill of Sale obligations secured under this option shall include water and sewer improvements as approved by the Utility Services Director. This security option shall be executed on forms and agreements acceptable to the County Attorney and shall be subiect to the construction security and maintenance security regulations of section 913.10. (GH) 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 a certificate of completion for required subdivision improvements, the developer shall execute either a warranty and maintenance agreement as provided in subsection (B) below or an agreement to defer the warranty and maintenance agreement and posting of maintenance security as provided in subsection (C) below. In conjunction with the execution of a warranty and maintenance agreement, the developer and/or its contractor shall provide security guaranteeing the required road and drainage improvements against all defects in workmanship or materials for the period of one (1) year from the date of issuance of the certificate of completion. The one-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 a separate 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 as approved by the Public Works Director and, if covering water and/or sewer improvements for a Bill of Sale, as approved by the Utility Services Director. Three (3) months prior to the end of the maintenance period, the project engineer shall accompany the public works department on an inspection of the required project road and drainage improvements. Based on the inspection, the public works department shall determine if the required road and drainage improvements are properly functioning and in good repair or if deficiencies exist that require correction. If deficiencies are found and are not corrected by the end of the guarantee period, the Board of County Commissioners may call upon the maintenance security as provided below in subsection 913.10(3). Maintenance 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 Bold Underline: Additions to Ordinance Deleted Text from Existing Ordinance 10