§ 14.2. Maintenance and performance bonds.

14.2.1 Maintenance securities.

1)

A maintenance bond, letter of credit, or other equivalent form of security as approved by the county attorney, running in favor of the county, shall be posted with the county by all subdividers/persons where street or other improvements are made and offered to the county for acceptance and maintenance.

2)

The amount of this security will be calculated by the formula specified in section 14.2.1.6) and shall be filed with the county before the final plat is signed by Paulding County. Any bond, letter of credit, or other equivalent form of approved security shall be on forms supplied or approved by the county.

3)

No securities shall be terminated or otherwise allowed to expire without at least 30 days' prior written notice to that effect to both the county and the subdivider/person.

4)

Separate bonds are required for each subdivision unit, phase, or similar division. The subdivider/person shall maintain all improvements in the subdivision to be dedicated to the county, for a minimum of 18 months from the issuance date of the security or the recording of the final plat. No dedication of improvements shall be accepted by the county until the expiration of 18 months from such date and inspection and determination by the county at the expiration of such time that all the improvements meet all county specifications and requirements under these regulations.

5)

If a period of 18 months elapses from the commencement of the maintenance period for any subdivision and defects, noncompliance, or violations still exist to the extent that the subdivision has not been accepted by the county, the county is authorized to withhold issuance of any and all permits or to refuse inspections to any subdivider/person on the project in dispute, to any structure or project located within the subdivision, or to any other project in which the subdivider/person may have a financial interest who violates or fails to comply with this article.

6)

The amount of the maintenance bond will be calculated at $15.00 per linear foot of street, with a minimum amount of $15,000.00.

7)

At the end of the 18-month period, the county shall either:

(a)

Release the bond and accept the bonded improvements.

(b)

Require an additional bond period of up to 12 months, if the project is not developed to the satisfaction of the county.

(c)

Call the bond and hold the bond proceeds until the project meets the county's satisfaction or the county makes the necessary improvements using the bond proceeds.

14.2.2 Performance securities.

1)

Each subdivider/person shall guarantee installation of improvements and faithful performance of all provisions of county regulations and ordinances. The subdivider/person shall maintain a performance bond, letter of credit, or other equivalent form of security in an amount that is 125 percent of the construction cost of all improvements including offsite disposal of waste, as estimated by the subdivider's/person's professional engineer and verified by the director of the community development department or his/her designee. Said bond, letter of credit, or other equivalent form of security shall be on forms supplied by the county.

2)

In the event that a subdivider/developer shall not have completed all requirements of the construction plans and desires to record a final plat, the plat may be recorded subject to the posting of a performance security in a form acceptable to the county attorney's office. Each subdivider/person shall guarantee installation of improvements and faithful performance of all provisions of county regulations and the county ordinances as applies to performance securities.

3)

The subdivider shall maintain a performance bond, letter of credit, or other equivalent form of security in an amount specified by the applicable ordinance. This security shall be on forms supplied by the county. Separate bonds as required by section 14.2.1 of these regulations shall be required for each subdivision unit, phase, or similar division approved by the county pursuant to these standards.

4)

The performance bond period shall be 18 months. At the end of the 18-month period, the county shall either:

(a)

Release the bond and accept the bonded improvements.

(b)

Require an additional bond period of up to 12 months, if the project is not developed to the satisfaction of the county.

(c)

Call the bond and hold the bond proceeds until the project meets the county's satisfaction.

(d)

Call the bond and expend the bond proceeds to make the necessary improvements

14.2.3 Existing subdivision. The provisions of these regulations shall remain in effect, even if inconsistent with the amendments effective upon adoption, as to those subdivisions existing and as to any subdivider/person who has initiated the approval procedure for subdivisions on or before the effective date of these amendments for that subdivision's phase, unit, or similar division only. The applicable provisions of the ordinance and terms of the ordinance existing on the date hereof are specifically incorporated by reference hereof; provided, however, that all other subdivision phases, units, or similar divisions initiated after the effective date of the ordinance, including subdividers/persons who may have been previously grandfathered, shall be subject to the ordinance, as amended upon adoption of these amendments.

(Res. No. 10-18, § 3, 8-10-2010)