Chapter 17.70 SURETIES

Chapter 17.70
SURETIES

Sections:

17.70.010 Site improvement sureties.

Before the issuance of any permit or approval to build, use or occupy any building or site for which site improvements are required as a condition of the permit or approval, the town may require that the owner shall provide a suitable bond surety, to ensure the site improvements are completed before use or occupancy of the site. (Ord. 815 § 3 (Exh. A), 2020; Ord. 635 § 1, 2003).

17.70.020 Maintenance sureties.

Before the release of a site improvement surety bond, the town may require that the owner shall provide a bond or other surety acceptable to the town to ensure the maintenance of the site improvements in an amount equal to 15 percent of the cost of the site improvements and may be released two years after the release of the site improvement surety. (Ord. 815 § 3 (Exh. A), 2020; Ord. 635 § 1, 2003).

17.70.030 Release of sureties.

The mayor shall not release sureties for completed or partially completed required improvements except under the following conditions:

A. The project proponent has submitted a schedule of improvements, the sequence for completion and the value of each part of the improvement for which a release of cash or bond surety may be sought;

B. Each segment of a required improvement shall be usable by itself without completion of the remainder of the improvement;

C. Each segment shall receive final inspection and approval by the town before release of the cash or bond surety for that part of the improvement;

D. All partial releases on each improvement shall constitute no more than 100 percent of the estimated value of the entire completed improvement; and

E. All releases of cash or bond sureties shall be approved in writing by the mayor. (Ord. 815 § 3 (Exh. A), 2020; Ord. 635 § 1, 2003).