Agreement with City—Off-Site Improvements Account.
North Las Vegas Municipal Code § 16.16.120
in effect16.16.120 - Agreement with City—Off-Site Improvements Account.
The City may enter into a "cash-in-lieu of bond agreement, separate account" with the developer as provided for in this title. This agreement shall provide for the establishment of a separate account by the developer with a financial institution that does business in the State of Nevada, and is acceptable to and approved by the City. In this separate account shall be deposited a sum equal to the amount that would otherwise have been required by the performance bond as security for the faithful performance of all the terms and conditions of the off-site improvements agreement. This agreement will include the name of the financial institution, account number, dollar amount and name of contact. This agreement will further provide that the funds on deposit in this account for this purpose may be withdrawn only upon draft, or request for withdrawal, signed jointly by the Director of Public Works, or his designee, and an authorized representative, or, jointly by two representatives as authorized by the Director of Public Works, or his designee. The agreement will further provide for progress payments to be made to the developer, at the discretion of the Director of Public Works, or his designee, based upon a percentage of the work completed; however, there shall, at all times, be a ten (10) percent retention on said funds until all of the off-site improvements called for have been completed and accepted by the Director of Public Works, or his designee. The agreement shall further include such additional terms and conditions as the City Manager, or his designee, may deem necessary to ensure the completions of the off-site improvements.
(Ord. 2331 § 3, 2007; Ord. 2246 §§ 1, 2 (part), 2006)
Source: City of North Las Vegas, Nevada, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/nv/north_las_vegas/codes/code_of_ordinances?nodeId=TIT16DECO_CH16.16FIMA_16.16.120AGCITEIMACFetched: 11/1/2026