The URL can be used to link to this page

Home My WebLink About2008-009ORDINANCE NO 2008-009 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AMENDING SECTION 913.10(2)(6)3 OF THE INDIAN RIVER COUNTY CODE TO LOWER THE A M BEST RATING REQUIREMENT FOR MAINTENANCE BONDS FROM A+VII TO A -VI; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, after hearing input concerning the inability of small developers being able to obtain a surety bond with an A.M Best rating of A+VII or greater, the Board of County Commissioners has considered amending Section 913.10.2(6)3 of the Indian River County Code, NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. AMENDMENT. Indian River County Code section 913.10(2)(B), Maintenance Security, is hereby amended to read as follows: (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. The 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 Coding: Words/letters underscored are additions to text; words/letters in striketkpaugb format are deletions to text 1 F:Wttorney\Nancy\DOCS\ORD\ord amend maintenance bond rating requirement.doc ORDINANCE NO 2008-009 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AMENDING SECTION 913.10(2)(6)3 OF THE INDIAN RIVER COUNTY CODE TO LOWER THE A M BEST RATING REQUIREMENT FOR MAINTENANCE BONDS FROM A+VII TO A -VI; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, after hearing input concerning the inability of small developers being able to obtain a surety bond with an A.M Best rating of A+VII or greater, the Board of County Commissioners has considered amending Section 913.10.2(6)3 of the Indian River County Code, NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. AMENDMENT. Indian River County Code section 913.10(2)(B), Maintenance Security, is hereby amended to read as follows: (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. The 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 Coding: Words/letters underscored are additions to text; words/letters in striketkpaugb format are deletions to text 1 F:Wttorney\Nancy\DOCS\ORD\ord amend maintenance bond rating requirement.doc ORDINANCE NO. 2008-009 3. A maintenance bond underwritten by a security insurer with an A.M Best's rating of A+VII A-Vl or greater and authorized to transact such business in this state. The posted security shall expire, it al all, no earlier than ninety (90) days following the end of the three-year guarantee period. Security for required road and drainage improvements shall run to the benefit of Indian River County. Upon receipt of a request to release maintenance security to a developer, and within approximately thirty (30) to sixty (60) days prior to a county inspection of required improvements scheduled at the end of the maintenance period, the county shall notify subdivision residents of the request and inspection. Notice may be provided by sign posting, mail, flyers, or advertisement. At the end of the three-year period, the public works director may release the 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 county engineer that required road, drainage, and sidewalk improvements meet applicable county performance standards. S ECTION 2. CODIFICATION. It is. the intention of the Board of County Commissioners that the provision of this ordinance shall become and be made part of the Indian River County Code and that the sections of this ordinance may be renumbered or re - lettered and the word ordinance may be changed to section, article or such other appropriate word or phrase in order to accomplish such intention. S ECTION 3. SEVERABILITY If any section, sentence, clause, or phrase of this ordinance is held to be invalid or unconstitutional by any court of competent jurisdiction, then said holding shall in no way affect the validity of the remaining portions of this ordinance. S ECTION 4 EFFECTIVE DATE This ordinance shall take effect upon filing with the Florida Department of State. This ordinance was advertised in the Vero Beach Press -Journal on the 18th day of April, 2008, for a public hearing to be held on the 29th day of April, 2008, at which time it was moved for adoption by Commissioner Coding: Words/letters underscored are additions to text; words/letters in stpilefet42prough format are deletions to text. 2 ORDINANCE NO. 2008-009 3. A maintenance bond underwritten by a security insurer with an A.M Best's rating of A+VII A-Vl or greater and authorized to transact such business in this state. The posted security shall expire, it al all, no earlier than ninety (90) days following the end of the three-year guarantee period. Security for required road and drainage improvements shall run to the benefit of Indian River County. Upon receipt of a request to release maintenance security to a developer, and within approximately thirty (30) to sixty (60) days prior to a county inspection of required improvements scheduled at the end of the maintenance period, the county shall notify subdivision residents of the request and inspection. Notice may be provided by sign posting, mail, flyers, or advertisement. At the end of the three-year period, the public works director may release the 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 county engineer that required road, drainage, and sidewalk improvements meet applicable county performance standards. S ECTION 2. CODIFICATION. It is. the intention of the Board of County Commissioners that the provision of this ordinance shall become and be made part of the Indian River County Code and that the sections of this ordinance may be renumbered or re - lettered and the word ordinance may be changed to section, article or such other appropriate word or phrase in order to accomplish such intention. S ECTION 3. SEVERABILITY If any section, sentence, clause, or phrase of this ordinance is held to be invalid or unconstitutional by any court of competent jurisdiction, then said holding shall in no way affect the validity of the remaining portions of this ordinance. S ECTION 4 EFFECTIVE DATE This ordinance shall take effect upon filing with the Florida Department of State. This ordinance was advertised in the Vero Beach Press -Journal on the 18th day of April, 2008, for a public hearing to be held on the 29th day of April, 2008, at which time it was moved for adoption by Commissioner Coding: Words/letters underscored are additions to text; words/letters in stpilefet42prough format are deletions to text. 2 ORDINANCE NO. 2008- 009 Joseph E. Flescher , seconded by Commissioner by the following vote: Peter D. O'Bryan Chairman Sandra L Bowden Vice Chairman Wesley S Davis Commissioner Joseph E Flescher Commissioner Peter D. 0 Bryan Commissioner Gary C. Wheeler Aye Absent Aye Aye Aye and adopted The Chairman thereupon declared the ordinance, duly adopted this 29th day of April, 2008. ATTEST: Jeffrey K. Barton, Clerk Bye Deputy Clerk BOARD OF CC UhftY COWIMISSt INDIAN RIVER coUNTIj, FL`®RIDA ..hs B dra L. Bowderfeg9iorrr APPROVED AS TO FORM AND LEGAL SUFFICIENCY tv5 WILLIAM G. COLLINS 11 COUNTY ATTORNEY Filed with the Department of State: 3 7 7200& Acknowledgment of filing State: 15 - /�- received from the Department of Coding: Words/letters underscored are additions to text; words/letters in etfiket4read0 format are deletions to text. 3 ORDINANCE NO. 2008- 009 Joseph E. Flescher , seconded by Commissioner by the following vote: Peter D. O'Bryan Chairman Sandra L Bowden Vice Chairman Wesley S Davis Commissioner Joseph E Flescher Commissioner Peter D. 0 Bryan Commissioner Gary C. Wheeler Aye Absent Aye Aye Aye and adopted The Chairman thereupon declared the ordinance, duly adopted this 29th day of April, 2008. ATTEST: Jeffrey K. Barton, Clerk Bye Deputy Clerk BOARD OF CC UhftY COWIMISSt INDIAN RIVER coUNTIj, FL`®RIDA ..hs B dra L. Bowderfeg9iorrr APPROVED AS TO FORM AND LEGAL SUFFICIENCY tv5 WILLIAM G. COLLINS 11 COUNTY ATTORNEY Filed with the Department of State: 3 7 7200& Acknowledgment of filing State: 15 - /�- received from the Department of Coding: Words/letters underscored are additions to text; words/letters in etfiket4read0 format are deletions to text. 3