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.
