§ 35-F134. Performance Bond.

(a)

All proposed drainage improvements to be made within the limits of the area of special flood hazard, as set forth in section 35-F108, shall require a performance bond which shall be filed with the finance department, after the approval of the floodplain development permit. An exception to this requirement is made for improvements being made in conjunction with the platting of a subdivision under the requirements of this chapter.

(b)

A performance bond may be issued for the Letter of Map Revision submittal in order to release the hold on the lot building permits. This bond shall be in the amount of the current fees required by FEMA for LOMR review plus one thousand dollars ($1,000.00).

(c)

A performance bond will be executed by a surety company, licensed to do business in the State of Texas, in an amount equal to the cost estimate, such cost estimate to include an inflation factor based upon a locally recognized construction cost index, as approved by the floodplain administrator, of all incompleted and unaccepted improvements required by these regulations, with the condition that the developer shall complete such improvements and have them approved by the director of public works, within three (3) years from the date of approval of the floodplain development permit.

(d)

The performance bond shall be substantially in the same form as the bond instrument set out in Appendix B of this chapter. The floodplain administrator is authorized to sign the bond instrument on behalf of the City of San Antonio, and the city attorney shall approve the same as to form.

(Ord. No. 95415 § 1 Attachment A) (Ord. No. 2010-10-14-0894, § 2, 10-14-10) (Ord. No. 2010-11-18-0985, § 2, 11-18-10)