[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.