Performance surety.

Indianapolis-Marion County Revised Code § 741-210

in effect

Sec. 741-210. - Performance surety. A. The performance surety must be a performance bond or letter of credit on the approved Department of Metropolitan Development forms titled "Bond for Subdivision Improvements," and "Irrevocable Standby Letter of Credit." Performance surety may be provided as a single performance bond or letter of credit guaranteeing all improvements and installations, or individual performance bonds or letters of credit may be provided for each type of improvement or installations. B. Performance surety is required unless the improvements and installations have been constructed, installed and completed in compliance with these regulations, as evidenced by the submittal of the completion and compliance affidavit and a maintenance bond as required by these regulations. C. The performance surety must be in the following amounts of the cost, as determined by the Administrator, of all improvements and installations as required by these regulations that have not been constructed, installed and completed in compliance with these regulations and the maintenance bond and completion and compliance affidavit provided to the Administrator: 1. 110% of the costs of all improvements except the final coat of street paving; and 2. 125% of the costs of the final coat of street paving. D. For projects not within the jurisdiction of an excluded city or town (Beech Grove, Lawrence, Southport, and Speedway), the beneficiary of the surety shall be jointly and severally the City of Indianapolis and any other governmental unit or regulated utility having a legal responsibility for the construction and completion of such improvements and installations required by these regulations. For projects within the jurisdiction of an excluded city or town (Beech Grove, Lawrence, Southport, Speedway), the beneficiary of the surety shall be jointly and severally the City of Indianapolis and the excluded city or town. E. When said performance surety has been provided previously to the other governmental unit or regulated utility, a certified copy, issued by the surety, shall be accepted by the Commission, provided all other provisions of these regulations are met. F. To obtain the release of a performance surety, a completion and compliance affidavit and, if required, a maintenance bond must be provided to the Commission. Within 90 days of receipt, the Administrator shall determine if all requirements of these regulations have been met. If the regulations have not been met, notification shall be provided by at least first class mail to the applicant requesting release of the surety. Until such release is approved, the surety shall continue to run and the improvements and installations shall not be accepted until all relevant standards are met. G. The subdivision name, and section number if applicable, and all required improvements and installations for the subdivision shall be specified in the performance surety and specified to be completed in accordance with the requirements and specifications of these regulations prior to the time that houses or dwelling units have been built upon 81% or more of the lots shown upon such plat, or prior to the time that 51% or more of the nonresidential lots have been constructed upon, or within three years after the date of the Commission's affixing its approval to such plat, whichever event first occurs. H. The performance surety must provide that upon completion of such required improvements and installations, but prior to the acceptance thereof for public maintenance by the appropriate public agency or release of any performance surety, the applicant shall provide a three-year maintenance bond as required by these regulations. I. All funds received from the performance bonds or maintenance bonds required by these regulations shall be used only for the purpose of making the improvements, installations or repair for which such bonds were provided, in accordance with the standards, specifications and requirements of these regulations. (G.O. 64, 2015, § 2)

Source: Consolidated City of Indianapolis and Marion County, Revised Code (Municode Library, library.municode.com)URL: https://library.municode.com/in/indianapolis_-_marion_county/codes/code_of_ordinances?nodeId=TITIIIPUHEWE_CH741SURE_ARTIISUAPPR_S741-210PESUFetched: 10/27/2026