§ 21-202. Letter of credit.  

Latest version.
  • Any permit to improve or construct a county roadway, other than a project undertaken in connection with a subdivision development according to an approved subdivision plan, shall not be issued until an irrevocable letter of credit, or other assurance of completion which is deemed acceptable by the county attorney after review, in the amount of one hundred fifteen (115) percent of the estimated cost of completion of the improvement or work covered by the permit is issued in favor of the county. The terms and conditions of the letter of credit shall be as specified in the applicable county administrative regulations. Such letter of credit shall be accompanied by an engineer's certified and detailed cost estimate which states the anticipated date of completion of the improvements or work to be performed, and the expiration date of the letter of credit shall be at least three (3) months after the stated date of completion.

(Right-of-Way Utilization Regs., § XI(G); Ord. No. 91-13, § 8, 5-21-91)