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AN ORDINANCE AMENDING JONESBORO CODE OF ORDINANCES, ORDINANCE NUMBER 1145, CODIFIED AS 15.16.03 PROVIDING FOR CASH OR CORPORATE SURETY BONDS FOR IMPROVEMENTS IN SUBDIVISION DEVELOPMENTS AND FOR OTHER PURPOSES
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WHEREAS, the Provisions of Arkansas Law provides a performance bond may be required to secure completion of required improvements in subdivision developments and;
BE IT ORDAINED by the City Council for the City of Jonesboro, Arkansas, that:
SECTION 1: That the Jonesboro Code of Ordinances, Ordinance Number 1145 codified as chapter 15.16.03 shall be amended to read as follows, to wit:
For the purpose of Section 15.16.02, “Funded Escrow Agreement” shall mean evidence satisfactory to the City Planner or Staff Person designated by said planner that a cash sum or corporate surety bond has been posted in an amount sufficient to guarantee completion of all required improvements. In the event the Developer and City Planner (or designated Staff Person) cannot agree as to the amount and/or sufficiency of said bond, the Developer may appeal to the full Planning Commission, who shall have the authority to approve said required amount and sufficiency.
SECTION 2: That all Ordinances and pars of Ordinances in conflict herewith are herby repealed to the extent of said conflict.
SECTION 3: Further, there exists and immediate need to implement the bonding requirements to ensure the financial continuity, safety and welfare of the City of Jonesboro and its citizens. Therefore, an emergency is declared to exist, and this Ordinance shall take effect immediately upon its passage and approval.
PASSED AND ADOPTED this 15TH day of November, 2005.