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1348 ORDINANCE NO. 1348 ( #15 - 08) AN ORDINANCE MODIFYING JACKSONVILLE MUNICIPAL CODE 517.12.125, 517.12.110(2), AND 517.12.010(24); AND, FOR OTHER PURPOSES. WHEREAS, the City of Jacksonville currently requires a completion bond prior to or upon submission of a request for Final Plat approval when all required improvements have not, for whatever reason(s), been completed by the developer; WHEREAS, the requirement to obtain a completion bond has become burdensome upon some developers and an alternative means is necessary; and, WHEREAS, letters of credit and /or a completion bond would allow developers an alternative means and insure adequate protection for the City regarding completion of the needed and required improvements. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS, THAT :: SECTION ONE: Jacksonville Municipal Code §17.12.125 shall be modified to reflect the following amendments, changes, deletions, and modifications: A) 17.12.125 Deposit for Incomplete Improvements Whenever any improvement(s) required under applicable ordinances, regulations, or plans are incomplete, funds in the form of cash, a surety bond, and /or letters of credit from an authorized, licensed, and insured bank(s) and /or financial institution shall be deposited with the City Clerk prior to or upon submission of the request for Final Plat approval. Said funds shall be released and disposed of only upon the following conditions: a. Completion by Developer, the Bonding Company, the Bank, and /or financial institution involved, of all required improvements within One (1) year of submission /approval of Final Plat; or, b. Expiration of One (1) year after all required improvements have been completed. In the event Developer completes all required improvements, and no claims are made within th One (1) year of the improvements completion date, any funds deposited shall be returned to the Developer or no claim made upon the bond and /or letter of credit. In the event the Developer fails to complete the improvements within the appropriate One (1) year timeframe and no extension for such has been granted for good cause by the City Engineer, all funds shall be released and paid into the General Fund of the City of Jacksonville and /or the City shall make claim upon the bond and /or letter of credit for the costs of completion of and /or repair of all required improvements. Said funds shall be utilized for completion of the appropriate improvements under the directive of the City Engineer, with any remaining balance to be transferred into the City's General Funds to be used for general operating purposes. B) 17.12 11 0(2 ) Final Plat — Materials to be Submitted Improvements to the proposed final platted property including but not limited to, sidewalks, drainage, water sanitary sewer, roadways, landscaping and other improvements as required and /or a satisfactory bond, letter of credit, or cash posted with the City of an amount equal to the construction cost of said 000024 ORDINANCE NO. 1348 ( #15 — 08) Page Two improvements not completed before Commission approval, appropriate storm water controls implemented to the best management practices possible, and all other such improvement requirements as provided in applicable Codes herein. Monies deposited shall be processed in the manner prescribed in JMC §17.12.125. C) 17.16.010(24) All improvements, drainage, sewer, sidewalks, streets, water, and other required installed, operable, approved, and accepted prior to Final Plat approval or a deposit of cash, surety bond, or a sufficient letter of credit in compliance with this Chapter sufficient to cover the costs of construction of any such incomplete improvements required. SECTION TWO: All Ordinances or parts of Ordinances in conflict herewith are hereby repealed to the extent of such conflict. SECTION THREE: This Ordinance shall take effect immediately upon passage and publication, as provided by and subject to the requirements of applicable law. APPROVED AND ADOPTED THIS 4 DAY OF SEPTEMBER, 2008. CITY OF JACKSONVILLE, ARKANSAS TOMMY SWAIM(MAYOR ATTEST: err SUSAN •AVITT, CITY LERK / A AP••• ED AS • .Oi ROB'•T E. B se. ORNE