16.28.130 - Improvements—Surety bond.
The person who proposes to divide the land under a parcel map may be required to:
A. Enter into an off-site improvements agreement with the city to make, install, and complete all of the improvements required to be installed and constructed in connection with the proposed parcel map including without limitation streets, private drives, drainage and utility easements, survey monuments and the removal of all rubbish, trash, debris, surplus material, and equipment from the area that is subject to such off-site improvements agreement and the adjacent properties;
B. Payment to the department of public works a sum sufficient to cover the plan checking and inspection fee charges for all such off-site improvements;
C. File with the director of public works, or his designee, complete plans covering the proposed locations and improvements of streets, private drives, drainage and utility easements, and such other plans as may be necessary in order to comply with the provisions of this chapter, together with a bond and fee estimate of such improvements, all of which shall conform to the standard specifications. The department of public works shall review and revise as appropriate the estimate of the cost of such improvements and shall require a surety to secure the faithful performance of all of the terms, conditions, and covenants of such person's part to be performed pursuant to such off-site improvements agreement. The surety may be in the form of:
1. A bond issued by a city approved surety company listed with A.M. Best Company with a minimum rating of A-, the company must be licensed to conduct business in the state of Nevada and be listed in the Department Circular 570 of the Department of the Treasury. The bond shall name the city as the sole obligee for the amount total identified on the off-site improvement bond and fee estimate form.
In the event of default by the principal of the bond, the city may make a claim and collect the proceed of the bond for the amount required to administer, coordinate, complete design, construct, repair, etc., the improvements covered by the bond.
The release of the bond shall be granted by the city manager, or his designee, upon successful completion of the improvements and submission/approval of all required engineering reports and as-built drawings.
2. A cash agreement with the city for the total amount listed in the off-site improvement bond and fee estimate form. The cash agreement shall be a legal document signed by the principal, listing the city as the sole obligee of the cash for the amount total identified on the off-site improvement bond and fee estimate form. The cash shall be deposited in the city controlled account or credited to an account of an approved financial institution.
In the event of default by the principal, the city make a claim and or collect the cash for the amount required to administer, coordinate, complete design, construct, repair, etc., the improvements covered by the cash agreement.
The release of the cash shall be granted by the city manager, or his designee, upon successful completion of the improvements and submission/approval of all required engineering reports and as-built drawings.
3. An unconditional and irrevocable letter of credit from a financial institution licensed to do business in the state of Nevada. The letter of credit shall name the city as the sole obligee for the amount total identified on the off-site improvement bond and fee estimate form.
In the event of default by the principal, the city may make a claim and or collect the proceeds of the letter of credit for the amount required to administer, coordinate, complete design, construct, repair, etc., the improvements covered by the cash agreement.
The release of the letter of credit shall be granted by the city manager, or his designee, upon successful completion of the improvements and submission/approval of all required engineering reports and as-built drawings.
(Ord. 2331 § 5 (part), 2007; Ord. 2246 §§ 1, 2 (part), 2006)