Extracted standards
5 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Other
- Bond amount escalation10 pct
The amount of the bond shall be the estimated cost of construction of such improvements plus ten percent for price escalation.
- Bond completion period36 months
The surety will be subject to the condition that the improvements will be completed within thirty-six (36) months after issuance of the Town's Bond Letter.
- Development bond required
Before consideration of a final plat of a subdivision by the Town, the subdivider shall guarantee the completion of the improvements required by means of a bond executed by a surety company based on an estimate approved by the Director of Public Works.
- Maintenance bond percentage10 pct
The subdivider shall, prior to acceptance by the Town of the bonded required improvements, file a bond in the amount of ten percent of the original installation costs, to cover maintenance and repair arising from defective workmanship or material for a period of two (2) years.
- Maintenance bond period2 years
to cover maintenance and repair arising from defective workmanship or material for a period of two (2) years.
From the ordinance
The amount of the bond shall be the estimated cost of construction of such improvements plus ten percent for price escalation. The subdivider shall file a bond in the amount of ten percent of the original installation costs for maintenance.