Extracted standards
1 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Other
- Use of escrowed funds
Town Council, in its discretion, may use funds escrowed pursuant to provision § 18-629, above, and provision 5 of Code of Virginia, § 15.2-2241, as amended, for improvements similar to but other than those for which the funds were escrowed, if the Council obtains the written consent of the owner or developer who submitted the escrowed funds; finds that the facilities for which funds are escrowed are not immediately required; releases the owner or developer from liability for the construction or for the future cost of constructing those improvements for which funds were escrowed; and accepts liability for future construction of these improvements. If the Town fails to locate such owner or developer after making a reasonable attempt to do so, the Town may proceed as if such consent has been granted. In addition, the escrowed funds to be used for such other improvement may only come from an escrow that does not exceed a principal amount of $30,000.00 plus any accrued interest and shall have been escrowed for at least five (5) years.
From the ordinance
Town Council, in its discretion, may use funds escrowed pursuant to provision § 18-629, above, and provision 5 of Code of Virginia, § 15.2-2241, as amended, for improvements similar to but other than those for which the funds were escrowed, if the Council: obtains the written consent of the owner or developer who submitted the escrowed funds; finds that the facilities for which funds are escrowed are not immediately required; releases the owner or developer from liability for the construction or for the future cost of constructing those improvements for which funds were escrowed; and accepts liability for future construction of these improvements. If the Town fails to locate such owner or developer after making a reasonable attempt to do so, the Town may proceed as if such consent has been granted. In addition, the escrowed funds to be used for such other improvement may only come from an escrow that does not exceed a principal amount of $30,000.00 plus any accrued interest and shall have been escrowed for at least five (5) years.