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construction of the required improvements and post security in an amount equal to one hundred twenty-five (125) percent of the estimated total cost of required improvements remaining to be constructed. Fee -r- -^siaten-iia subd visiefis fftfaets f r ^ ^stfUetiel ^� required impr-evemen4s shalwed to w ) pe feeRt of all r-e"ir-ed —1 -1 --fits, based upon the estimated eost of . (B) The contract shall be on a form provided by the county and shall obligate the developer to complete all "bondable" required improvements and all other improvements shown on the land development permit (unless the improvement is shown on the land development permit as not required and optional) in accordance with the land development permit, the approved plans and specifications, and county development regulations and standards, within a period of one (1) year from the date of final plat approval. Sidewalks may be bonded -out for multiple years in accordance with subdivision ordinance section 913.09(5). (C) The estimated total cost of improvements remaining to be constructed shall include survey, engineering and construction 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. (D) The security 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 security shall run in favor of the board of county commissioners, must be in a form acceptable to the county attorney, and may 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). (E) For good cause shown, the board of county commissioners may in its discretion grant one (1) or more extensions of time for performance of any contract for required improvements, provided the security supporting such contract remains valid for the required ninety -day period following the newly extended time for performance. (F) No certificate of occupancy for residential occupancy for any structure within a subdivision shall be issued until a certificate of completion has been issued for all required improvements, including required buffers, of the subdivision serving the residence, with the exception of sidewalks fronting lots rather than common areas, and any final lift of asphalt in excess of the amount required by county development regulations as of the date of issuance of the land development permit for the subdivision. Prior to issuance of a certificate of completion, the required code minimum layer of asphalt must be in place or the developer shall provide to the county either an irrevocable letter of credit or cash escrow in the amount of one hundred twenty-five (125) percent of the estimated cost of the final lift including striping and resetting survey PCPs, as certified by the developer's engineer and approved by the eounty eaginee Public Works Director. Security for a final lift of asphalt shall be by contract for construction of final lift of asphalt and either an irrevocable letter of credit or cash deposit and escrow agreement. The final lift of 121