§ 13.20.080. REDUCTION AND RELEASE OF FINANCIAL ASSURANCES.
Latest version.
A. The assurance may be released by the city in phases as improvements are completed and accepted by the City Engineer as being constructed and installed in conformance with the plans and/or specifications submitted to and approved by the city. The improvements that are the subject of a partial release request must represent a system that functions independently without the need for the construction of additional improvements.
B. Prior to release of the financial assurance or portion thereof, the subdivider shall submit a request for the release of an assurance or portion thereof to the Director.
C. The Director shall forward the request from the subdivider to the City Engineer for review and approval. The City Engineer shall conduct an inspection of the required improvements and a review of the remaining assurance to confirm the remaining funds are sufficient to cover the cost to complete the balance of the improvements. Additionally, the city shall retain 25% of the requested release amount.
D. Upon the inspection of the improvements, approval of the construction, and confirmation of sufficient remaining funds, if applicable, the City Engineer shall forward a letter of approval to the Director.
E. Prior to the release of the final portion of the financial assurance, if any lands located within the plat were conveyed to a property owners association for their use and maintenance, the subdivider shall submit written verification that the articles of incorporation have been filed with the Arizona Corporation Commission and a proof of publication for the same and a copy of the recorded conveyance deed.
F. Upon satisfactory completion of these actions, the Director shall submit the request to the City Manager for approval. All assurances shall be released upon acceptance of the required improvements by the city as set forth in this chapter.
