Security requirements from developer. The Department
shall require from the developer a surety or cash bond, irrevocable
letter of credit, or other means of security acceptable to and approved
by the Department prior to the issuance of any building and/or grading
permit for a road construction or road improvement project.
(1) The amount of the security shall be 125% of the approved
engineer's estimated cost of the construction.
(2) The security required in this section shall include:
(a)
A provision relative to forfeiture for failure
to complete work specified in the approved road construction plan;
(b)
Compliance with all of the provisions of this Part
3, the Roads Design Manual other applicable laws and regulations; and