§ 156.151. Performance and Maintenance Mechanisms.

Performance and Maintenance Guarantees shall be provided by a variety of means including, but not limited to, the following:

(A)

Security Bond. The applicant may obtain a security bond from a surety bonding company authorized to do business in Florida.

(B)

Letter of Credit. The applicant may provide an irrevocable Letter of Credit from a bank or other reputable institution. A sample letter of credit is shown in appendix B of this chapter.

(C)

Escrow Account. The applicant shall deposit cash, or other instruments readily convertible into cash at face value, either with the city, or in escrow with a bank.

(D)

Property. The applicant may provide as a guarantee land or other property.

(E)

Subdivision Improvement Guarantee. An applicant may provide as a guarantee a subdivision improvement agreement between the applicant, lender and the city.

(F)

Cashiers Check.

(G)

Certified Check.

(Ord. 94-7, passed 3-14-94)