§ 82-292. Letter of credit requirements.

The developer shall provide to the county from a bank or other reputable institution, subject to the approval of the board of commissioners, a letter of credit using the forms which follow. This letter shall be deposited with the county clerk and shall certify the following:

(1)

That the creditor does guarantee funds in an amount equal to the cost, as estimated by the developer and approved by the county, of completing all required improvements.

(2)

That, in the case of failure on the part of the developer to complete the specified improvements within the required time period, the creditor shall pay to the county immediately, and without further action, such funds as are necessary to finance the completion of those improvements up to the limit of credit stated in the letter.

(3)

That the letter of credit may not be withdrawn, or reduced in amount, until released by the county.

(Ord. of 3-27-2003(5), § 3.801; Res. No. 06-47, 3-8-2006)