Bonds

Any bond required by this chapter shall be one of the following types. No other type of bond or surety to insure the accomplishment of subdivision improvements will be acceptable.

(1)

Any bond written by an approved domestic or foreign surety company shall comply with the appropriate section of the Florida Statutes. The bond shall also carry the name and address of a local representative. Said surety bond shall be for an initial period of one year, and shall be automatically extended in increments of one year until the subdivider and the surety company are notified in writing of the completion and acceptance of the subdivision improvement by the supervisor of plats.

(2)

Cashier's check, drawn on a local bank, to be returned to subdivider on certification of completion and acceptance of the subdivision improvement by the supervisor of plats.

(3)

Irrevocable letter of credit drawn on a local bank, valid for a initial period of one year, with automatic renewal in increments of one year until the subdivider and the issuing bank are notified in writing of the completion and acceptance of the subdivision improvements by the supervisor of plats.

(Ord. No. 9584, § 1, 3-24-83; Code 1980, § 54.5-10)