[R.O. 1991 § 425.440; Ord. No. 2901-14 § 1, 8-5-2014]
A. City of Smithville subdivision regulations
require developers to provide performance and maintenance guarantees
to insure the installation and maintenance of required improvements.
The owner's name on the bond form and all other surety documents must
be in the name of the sole owner, all partners, corporation's name,
limited partnership's name or limited liability company's name. Listed
below are types of bonds that may be posted and the information necessary
for correctly filing the bond:
1.
Cash Bond.
a.
Fully complete the cash bond form
provided by the City of Smithville.
b.
Sign and notarize the cash bond form.
c.
Attach a cashier's check, money order
or certified check to the cash bond form. Cash, personal or company
checks are not acceptable.
2.
Certificate Of Deposit.
a.
The certificate of deposit must be
issued by a State or Federally chartered institution.
b.
The certificate of deposit must be
issued in the name of the City of Smithville and the owner, all partners
or corporation name or limited liability company name.
c.
It must be issued for the applicable number of months as provided in Section
425.340 and/or Section
425.430.
d.
It must be accompanied by the assignment
of certificate of deposit form provided by the City of Smithville
which must be completed by the financial institution.
e.
The certificate of deposit must be
endorsed or accompanied by a signed withdrawal slip.
f.
The actual certificate of deposit,
assignment of certificate of deposit and a copy of the signature card
must be provided to the City of Smithville.
3.
Irrevocable Letter Of Credit.
a.
The letter of credit must be issued
by a Missouri banking institution.
b.
It must be on a form acceptable to
the City of Smithville.
c.
It must be the original letter of
credit. A copy is not acceptable.
d.
It must state the owner's name.
e.
It must state the date of issuance
and expiration date.
f.
It must be signed by a bank official
and notarized.
g.
It must be accompanied by an authorization
for release of confidential information form which must be signed
by the owner, partner, officer or member and notarized.
4.
Surety Bond.
a.
A surety bond must be issued by an
insurance company licensed for bonding with the State of Missouri
Department of Insurance.
b.
It must be provided on a form acceptable
to the City of Smithville.
c.
The form must bear the seal of the
insurance company.
d.
The form must bear the effective
date.
e.
It must be signed by an authorized
representative of the surety company and the owner, partner, officer
or member.
f.
It must be accompanied by a power
of attorney letter, if applicable.
g.
It must be the original bond; a copy
is not acceptable.