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3.8.3 FORMS OF SECURITY <br />The following forms of security are considered acceptable for insuring a Developer's promise to properly <br />construct and maintain streets, alleys, drainage facilities and other public improvements in a subdivision in <br />Caldwell County: <br />A) Surety Bond <br />Construction and Maintenance Bonds are considered to be the standard form of fiscal security for <br />subdivision improvements in Caldwell County and they shall meet the requirements of this Section <br />when used. <br />B) Cash Deposit. <br />The offer of cash in lieu of Bond shall be accompanied by a Cash Security Agreement signed by the <br />Developer or his agent. On the date that the Commissioners Court approves Cash Security in lieu of <br />Bond, the County Judge shall sign the agreement and copies shall go to the Developer, to official <br />records, and to the County Treasurer. <br />The conditions of the Cash Security Agreement are as stated on the forms provided by the County. <br />The general conditions of the Cash Security Agreement are the same as those stated for the <br />Construction and Maintenance Bonds. <br />• The Cash Security Agreement shall be provided in a form approved by the County. <br />C) Letter of Credit <br />• The County, at its sole discretion, may accept a Letter of Credit as fiscal security for the construction of <br />improvements and/or the subsequent performance period. <br />• The offer of Letter of Credit in lieu of Bond shall be accompanied by a Letter of Credit Security <br />Agreement signed by the Developer or his agent. On the date that the Commissioners Court approves <br />a Letter of Credit Security in lieu of Bond, the County Judge shall sign the agreement and copies shall <br />go to the Developer, to official records, and to the County Treasurer. <br />• The conditions of the Letter of Credit Security Agreement are as stated on the forms provided by the <br />County. The general conditions of the Letter of Credit Security Agreement are the same as those <br />stated for the Construction and Maintenance Bonds. <br />• The Letter of Credit Security Agreement shall be provided in a form approved by the County <br />3.8.4 COLLECTION OF SECURITY <br />A) The construction security will remain in full force and in effect until all public Improvements have been <br />approved and are performing to County standards at the end of the construction period. The maintenance <br />security will remain in full force and in effect until all public improvements have passed inspection and have <br />been approved for acceptance by the County at the end of the performance period. <br />M <br />