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157541 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 0 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. 349 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. v-yo lb-/ _ _ _ _ _ _ _ _ _ _ _ _o v 0 0 350 1 (4) Certificate of deposit, treasury bond or other 2 negotiable government security. The subdivider may 3 provide a certificate of deposit, treasury bond or other 4 negotiable government security for the full amount 5 estimated to complete the improvements. Any interest 6 accruing prior to acceptance by the Department of Public 7 Works shall be forfeited and considered as an additional 8 administrative expense of the city on improvements which 9 are not completed in a timely manner. The instruments 10 allowed to be provided by this section shall be drawn on a 11 financial institution insured by the Federal Deposit 12 Insurance Corporation and licensed to do business in 13 Arkansas. Further, the instrument provided shall be in the 14 name of the City of Little Rock, Arkansas, and shall be in 15 increments no greater than $100,000.00. The instrument will 16 be returned to the subdivider once improvements are 17 completed and accepted by the Department of Public Works. 18___. All improvements shall be_done in a timely manner as 19 determined by the city engineer. 20 (5) Irrevocable letter of credit. The subdivider is 21 permitted to provide an irrevocable letter of credit to the 22 city pursuant to the following conditions: 23 a. The letter of credit will be for an amount 24 equal to the total estimated cost of the improvements as 25 agreed upon by the subdivider and the city engineer. 26 b. The letter of credit will be irrevocable in 27 accordance with Arkansas Code Annotated Section 4 -5 -101 et 28 seq. (1987), as amended, and will list the City of Little 29 Rock, Arkansas, as the beneficiary of the irrevocable 30 letter of credit. 31 C. The letter of credit will be in a form approved 32 by the city attorney. 33 d. In the event the subdivider is in default, the 34 city shall be entitled to payment upon making demand for 35 payment under the terms of the credit; further, the city 36 shall be entitled to use all of the monies secured by the 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 v _ _ _ _ _ _ _ _ _ _ _ _ _ 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