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.
© 2022 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.