H. - Release of subdivision (performance) bond.

1.

A subdivider may make a request for a bond release upon the following terms and conditions.

The bond shall be released only upon:

a.

The findings of the city (and state, if applicable) that support satisfactory completion of improvements, and

b.

Upon the placement of a maintenance bond per the requirements of this ordinance, the city's design and construction standards, and other standards and criteria upon which the approval of the final subdivision plat and public improvements plan, erosion and sediment control plan, stormwater management plan, and landscape plan were based.

2.

Upon written request by the subdivider or developer, the city shall make periodic partial performance bond releases for satisfactory subdivision performance and otherwise in accord with the Code of Virginia. Upon the city's review of request and upon satisfactory inspection and approval of improvements subject to the release request, such periodic and/or partial releases shall be made within thirty (30) days of request.

3.

Surety releases shall be based upon the percentage of the facilities completed and approved by the city, provided that such releases may not occur before the completion of at least thirty (30) percent of the infrastructure and facilities covered by any bond, escrow, letter of credit, or other approved performance guarantee.

4.

The city shall be not execute more than three (3) periodic and/or partial releases in any twelve-month period. Upon final completion and acceptance of said facilities by the city and state, the city shall release any remaining bond, escrow letter of credit, or other performance guarantee (surety) to the subdivider or developer.

5.

For the purpose of final release, the term "acceptance" is deemed to mean the following: when the said public facility is accepted by and taken over for operation and maintenance by the city. For the purpose of erosion and sediment control, acceptance shall be warranted upon final stabilization of the site as determined by the zoning administrator, and for the purpose of landscaping, acceptance shall be warranted upon final installation of all required landscaping measures as determined by the zoning administrator.

6.

If the city does not responds within forty-five (45) days of a request for partial release or within sixty (60) days of a request for final release, then the release is deemed approved.