13-9-1. Improvement installation guarantee .

(1) In lieu of actual installation of off-site and common open space improvements required by this title, after final plat approval by the land use authority and before the plat is recorded, the subdivider shall guarantee the installation of such improvements by a combination of one or more of the following financial guarantee methods: a corporate surety bond, a deposit in escrow with an escrow holder, or a letter of credit with a financial institution.

(2) The guarantee shall be in an amount equal to the cost of required improvements as estimated by an engineer retained by the subdivider and approved by the county engineer, or in an amount estimated by the county engineer. The guarantee shall assure the actual construction of such improvements within one year, or at a date approved by the county engineer, immediately following the approval of the financial assurance by the county commission.

(3) The guarantee shall be filed with the treasurer.

(4) The guarantee shall be approved as to method, institution, and form by the county attorney. (Ord.2005-21, 09/6/05)