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ORDINANCE NO. 15,754
AN ORDINANCE AMENDING SECTIONS 31 -431 AND 31 -432
OF THE LITTLE ROCK CITY CODE, 1988, PERTAINING TO
THE REQUISITE ASSURANCES NECESSARY FOR THE
CONSTRUCTION AND COMPLETION OF SUBDIVISION STREET
IMPROVEMENTS.
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WHEREAS, it is the desire of the Little Rock Board of
Directors to provide additional methods of assurance for the
completion of improvements required by the subdivision ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: Section 31 -431 (b) shall be amended to insert
and substitute the following language:
"One of the following methods to be utilized by the
_developer to assure that _improvements- _required by these
regulations have been, can, or will be installed within the
specified time and in accordance with the approved plans
and specifications."
SECTION 2: Section 31 -431 (b)(2) Performance Bond and
(b)(3) Cash deposit, shall be deleted and the following language
shall be substituted in its entirety:
(2) Security for completion of improvements.
Provided the estimate to complete the improvements is more
than $15,000.00 as specified by the engineer of record and
approved by the Department of Public Works, the subdivider
may provide one of the following instruments as assurance
for the completion of-the improvements.
(3) Cashier's check. The subdivider may provide a
cashier's check in the full amount as specified by the
engineer of record and agreed to by the Department of
Public Works as sufficient to complete the improvements
and installations required to comply with these rules and
regulations.
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(4) Certificate of deposit, treasury bond or other
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negotiable government security. The subdivider may
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provide a certificate of deposit, treasury bond or other
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negotiable government security for the full amount
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estimated to complete the improvements. Any interest
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accruing prior to acceptance by the Department of Public
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Works shall be forfeited and considered as an additional
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administrative expense of the city on improvements which
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are not completed in a timely manner. The instruments
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allowed to be provided by this section shall be drawn on a
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financial institution insured by the Federal Deposit
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Insurance Corporation and licensed to do business in
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Arkansas. Further, the instrument provided shall be in the
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name of the City of Little Rock, Arkansas, and shall be in
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increments no greater than $100,000.00. The instrument will
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be returned to the subdivider once improvements are
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completed and accepted by the Department of Public Works.
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All improvements shall be_done in a timely manner as
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determined by the city engineer.
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(5) Irrevocable letter of credit. The subdivider is
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permitted to provide an irrevocable letter of credit to the
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city pursuant to the following conditions:
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a. The letter of credit will be for an amount
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equal to the total estimated cost of the improvements as
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agreed upon by the subdivider and the city engineer.
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b. The letter of credit will be irrevocable in
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accordance with Arkansas Code Annotated Section 4 -5 -101 et
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seq. (1987), as amended, and will list the City of Little
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Rock, Arkansas, as the beneficiary of the irrevocable
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letter of credit.
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C. The letter of credit will be in a form approved
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by the city attorney.
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d. In the event the subdivider is in default, the
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city shall be entitled to payment upon making demand for
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payment under the terms of the credit; further, the city
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shall be entitled to use all of the monies secured by the
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0 351
letter of credit to assure the costs of completion of the
work in the subdivision as determined by the city engineer.
e. The subdivider will not be entitled to any
excess monies until the work in the subdivision has been
completed.
f. The terms of the letter of credit shall be
limited to the time estimate offered by the engineer of
record and agreed upon by the public works department.
During the estimated time, periodic status reports shall be
made to the public works department as required by the city
engineer.
(c) In certain cases, the subdivider may be allowed to
contribute funds to a holding account as specified by the
off -site improvements ordinance.
SECTION 3: Section 31 -432. Improvements agreement
enforcement shall be deleted and the following language shall be
substituted in its entirety.
"In -those instances where sufficient cause is
established by the subdivider which may justify an
extension of time, the subdivider may formally apply
for an extension which shall only be granted by the
Planning Commission. An application for an extension
of time must be made by the subdivider prior to default."
PASSED: October 3, 1989
ATTEST:
CITY &ERX JANE C 'C&
APPROVE AS TO FOR
MARK STODOLA, CITY ATTORNEY
APPROVED:
U ,
MAYOR F YD G. VILLUES, III