Subdivision 5-6 IMPROVEMENTS GUARANTEE: Partial Release

1. A letter of credit or cash bond may be released in part, as progress payment for improvements, subject to the following conditions: a. The developer shall submit to the county public works director, or other assigned county inspector, a request for payment against the letter of credit, showing to whom and for what amount the release is requested. Upon inspection by the county, and approval of the requested amount, the county will authorize the holder of the credit account to disperse the approved payments. b. Said payment requests may be made upon completion of the various phases of development as follows: i. Complete water system installation, including any required storage facility, wells, hydrants or other improvements, etc. ii. Complete street and road construction, including all survey monuments, traffic control and street and road name signs. Street and road construction shall also include storm drainage systems. iii. Complete waste disposal system, as required. iv. Staking of lot corners and any other required survey field work. v. Completion of utilities, including power, telephone, data transmission lines, and natural gas, if bonded by the developer. 2. Requests shall not be submitted more frequently than on a monthly basis. A minimum of 20% of each element shall be retained as required for the guarantee bond required in subsection G of this section.