§ 142-29. Bond.

A. 

Before any subdivision plat will be finally approved by the agent the subdivider shall, in lieu of construction, furnish a performance bond in an amount calculated by the agent to secure the required improvements in a workmanlike manner, and in accordance with specifications and construction schedules established or approved by the appropriate engineer, plus a ten-percent allowance for administrative costs, inflation and potential damage to existing roads or utilities, which such bond shall be payable to and held by the governing body.

B. 

In the event that Shenandoah County has accepted dedication of a road for public use and such road, due to factors other than its quality of construction, is not acceptable into the secondary system of state highways, the agent may require the subdivider or developer to furnish the County with a maintenance and indemnifying bond, with surety satisfactory to the agent and in an amount sufficient for and conditional upon the maintenance of such road until such time as it is accepted into the secondary system of state highways. "Maintenance of such road" shall be deemed to mean maintenance of the streets, curb, gutter, drainage facilities, utilities and other street improvements, including the correction of defects or damages and the removal of snow, water or debris, so as to keep such road reasonably open for public usage.

C. 

The agent shall provide periodic partial and final release of any required bond, escrow, letter of credit or other performance guaranty within 30 days after receipt of written notice by the subdivider or developer of completion of part or all of any facilities required to be constructed hereunder unless the agent notifies said subdivider or developer in writing of nonreceipt of approval by applicable state agency or town, or of any specified defects or deficiencies in construction and suggested corrective measures prior to the expiration of the thirty-day period.