AN ACT TO REQUIRE ACCEPTANCE OF A TRANSPORTATION IMPROVEMENT BY THE DEPARTMENT OF TRANSPORTATION BEFORE A PERFORMANCE GUARANTEE REQUIRED BY A LOCAL GOVERNMENT IS RELEASED.
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.
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