- Introduced -

SB 1183 - In accordance with this act, cities and towns may only impose requirements for the posting of bonds or escrows for subdivision-related improvements. In lieu of completion of work and installations prior to the final approval of a plat, the council will accept, at the option of the developer, an escrow secured with cash, an escrow secured with an irrevocable letter of credit, or a surety bond.

Under this act, regulations shall provide that in the event a developer, who has posted a bond or an escrow with the city, transfers title of the subdivision property prior to full release, the municipality will accept a replacement escrow from the successor. The city will accept a replacement in the amount held by the city at the time of the property transfer. Upon receiving the replacement escrow, the city shall fully release the original escrow or bond and the prior developer from all obligations associated with the subdivision improvements.

This act includes "bond amount" where the statute previously referred only to "escrow funds."

SUSAN HENDERSON