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ORDINANCE 2018- 018 3. A maintenance bond underwritten by a security insurer with an A.M. Best's rating of A -VI 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 guarantee period. Security for required road and drainage improvements shall run to the benefit of Indian River County. Prior to the county maintenance inspection of required road and drainage improvements, the county shall notify subdivision residents of the inspection. Notice may be provided by sign posting, mail, flyers, or advertisement. At the end of the guarantee period, the public works director may release the posted 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 eeufAy engineer Public Works Director that required road, drainage, and sidewalk improvements meet applicable county performance standards. (C) The developer (owners) and the county may agree to defer execution of a warranty and maintenance agreement and posting maintenance security at the time of issuance of a certificate of completion if the following criteria are met: 1. The road and drainage improvements that are the subject of the deferral are not needed to serve existing project residents. 2. The developer (owners) defines the "deferral area" and agrees to not sell any lots/units or obtain any building permit for construction within_ the deferral area until a warranty and maintenance agreement is executed and maintenance security is posted for road and drainage improvements within the deferral area. 3. The agreement is in a form acceptable to the county attorneys office, and is structured as a covenant that cannot be terminated or modified without county approval. 4. The agreement/covenant is recorded in the public records. (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 Bold Underline: Additions to Ordinance Strike tkffeugh Deleted Text from Existing Ordinance 11