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A. All required minimum improvements within any subdivision may be subject to a maintenance bond or other approved security guaranteeing to the town the successful operation of improvements for a period of two years. The subdivider must file with the final plat one of the following:

1. A security bond executed by a security company authorized to transact business in the state of Washington in a form approved by the town attorney;

2. A personal bond approved by the town attorney co-signed by at least one additional person together with evidence of financial responsibility and resources of those signing the bond sufficient to provide reasonable assurance of ability to proceed in accordance with the agreement;

3. Cash;

4. A letter of credit approved by the town attorney from a financial institution stating that the money is held for the purposes of the stated project.

B. The bond or other approved security will be for 20 percent of the estimated value of all required improvements as determined by the town engineer.

C. When the warranty period ends, and upon restoration of the improvements to successful operation and the repair of any defects or damage in the improvements, the mayor will authorize the release of the maintenance bond or security.

D. The mayor may withhold release of the bond or security up to one year from the date of any restoration or repairs to insure that the restoration or repairs were adequate.

E. The mayor and the applicant must sign a notarized security agreement, approved in form by the town attorney, in accordance with SPMC 15.02.130. [Ord. 378 § 2 (Exh. 1), 1999.]