1976 024 Ordinance - Laserfiche WebLink

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-4- SECTION 4.0 SUBIDIVION IMPROVEI4ENTS 4.1 PERFORMANCE BONDS No final plat shall be approved by the Board of Appeals, until the improve- ments required by this Ordinance are constructed in a satisfactory manner and , approved by the Board of Appeals. In lieu o£ such construction, the Board o£ Appeals may grant final approval prior to completion providing: (1) The subdivider enters into an agreement with Mayfield Village guaranteeing that the improvements will be installed in accordance with the plans, specifications, and schedules approved by the Board of Appeals prior to plat approval. This agreement shall also guarantee that no lot will be sold or building constructed in an area subject to £lood prior to completion of all flood protective works or measures planned for such lot and necessary access facilities. (2) Simultaneous with the execution o£ the agreement specified in (1), subdivider offers a fiscal surety to guarantee per£ormance of this agreement and installation of improvements by the subdivider/owners at their expense in accordance with the approved plans, specifications, and schedules. The surety bond shall be in the full amount of the estimated costs. The surety agreement shall be conditioned upon final approval o£ the plat. The bond shall be offered by the subdivider, his agent or an authorized bonding firm. The bond shall consist o£ a certified check, escrow accoimt, or irrevocable letter of credit in £avor of Mayfield Village. (3) The subdivider agrees that the deposit in escrow may be applied by the governing body for the completion of improvements as agreed and may be held for a period of six (6) months after final completion of such improvements for the purpose o£: (a) Guaranteeing and securing the correction of any defect in material or workmanship fumished £or such improvements, latent in character, and not discernible at the time of final inspection or acceptance by the governing body, and (b) Guaranteeing against any damage to such improvements by reason of the settling of ground, base or foundation thereof. Such agreement shall also provide that the bond may be applied by the Council for any amounts incurred correcting such defects. The balance of such deposit, if any, held at the end of such six (6) month period shall be returned by the governing body and to the depositor, or paid to the order of the depositor without payment of interest by the governing body. (4) Prior to o£fering any improvement to the governing body, the sub- divider £urnishes a written guarantee that all indebtedness incurred for supplies, material, labor furnished, or engineering and professional services in the construction of improvements shall have been paid in full and that there are no claims £or damage or suits against the contractor involving such improvements.