Amends GS 160D-804.1 (performance guarantees to assure compliance with subdivision development regulations) to do the following:
(1) Change the period for completion of improvements subject to bonded performance guarantees to be no more than one year initially;
(2) Require letters of credit or escrow funds securing a performance guarantee be timely released upon completion of the improvements to the local government’s specifications or satisfaction and upon acceptance by both the local government and the Department of Transportation; and
(3) Make clarifying changes.
Bill H 720 (2021-2022)Summary date: Apr 28 2021 - View summary