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ORDINANCE NO. 2012 - 41 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE OF THE CITY OF <br />SAN MARCOS, TEXAS AMENDING SECTION 1.6.6.4 OF THE LAND <br />DEVELOPMENT CODE TO ADD A PERFORMANCE BOND AS AN <br />ACCEPTABLE FORM OF SECURITY FOR COMPLETION OF PUBLIC <br />IMPROVEMENTS TO SERVE A SUBDIVISION; PROVIDING A <br />SAVINGS CLAUSE; PROVIDING FOR THE REPEAL OF ANY <br />CONFLICTING PROVISIONS; AND PROVIDING AN EFFECTIVE <br />DATE. <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />SECTION 1. Section 1.6.6.4 of the City of San Marcos Land Development Code is <br />hereby amended as set forth below. Deleted text is indicated by strikethroughs and added text is <br />indicated by underlining. <br />Section 1.6.6.4 - Security for Completion of Improvements <br />(a) Security. Whenever the obligation to install public improvements to serve <br />a subdivision or development is deferred until after approval of the Final Subdivision Plat <br />or Final Development Plat, the property owner shall provide sufficient security to ensure <br />completion of the required public improvements. The security shall be in the form of one <br />of the following: <br />(1) A cash escrow with the City; <br />(2) An irrevocable letter of credit drawn upon a state or national bank that has <br />a regular business office in the State of Texas that (A) is of a term <br />sufficient to cover the completion, maintenance and warranty periods, but <br />not less than two years and (B) authorizes the City to draw upon the letter <br />of credit by presenting to the issuer only a sight draft and a certificate <br />signed by an authorized representative of the City attesting to the City's <br />right to draw funds under the letter of credit; <br />(3) A construction funding agreement under which funds for the construction <br />of the required improvements are escrowed in Texas with an office of a <br />state or national bank, under which (A) the City has the irrevocable right <br />to withdraw funds, and (B) the subdivider may be permitted to draw funds <br />to make payments towards the construction of the improvements as <br />progress is verified; er <br />(4) A first and prior lien on the property. -; or <br />