§ 70-604.2. Periodic partial release of surety.

(a)

Upon completion of at least 30 percent of the facilities covered by any bond, escrow, irrevocable letter of credit, or other performance guarantee, the agent is authorized to, and may make, periodic partial releases of the surety.

(b)

A maximum of three periodic partial releases per any 12-month period shall be authorized. The agent shall make periodic partial releases of such bond, escrow, irrevocable letter of credit, or other performance guarantee in a cumulative amount equal to no less than 90 percent of the original amount for which the performance guarantee was taken.

(c)

The agent shall provide for the periodic partial release of any bond, escrow, irrevocable letter of credit, or other performance guarantee required by this ordinance within 30 days after receipt of written notice by the subdivider or developer of completion of part or all of any facilities required to be constructed.

(d)

No such release need be made if the agent notifies the subdivider or developer in writing of non-receipt of approval by the applicable state agency or of any specified defects or deficiencies in construction and suggested corrective measures prior to the end of the 30-day period.

(e)

If no such action is taken by the agent within the 30-day time period, the request shall be deemed approved and a partial release granted to the subdivider or developer.

(Ord. No. O-09-02, 1-27-2009)

(Ord. No. O-09-02, 1-27-2009)