There is hereby created a new title in this code entitled “Financial Guarantees.”
(Ord. 98-0020 § 1 (KCC 27A.10.005); Ord. 99-0058 § 1)
The purpose of this title is to establish authority and procedures for accepting and enforcing financial guarantees, with the intent of assuring that development projects are completed and maintained in accordance with City approval conditions.
(Ord. 98-0020 § 1 (KCC 27A.10.010); Ord. 99-0058 § 1)
This chapter sets forth provisions general to the administration of financial guarantees and includes: applicability, default, financial guarantee conditions, financial guarantees – form and amount, performance guarantee reductions, release of financial guarantees, scheduling of performance, maintenance and defects inspections, financial guarantee waivers, and status of current financial guarantees.
(Ord. 98-0020 § 1 (KCC 27A.10.020); Ord. 99-0058 § 1)
The provisions of this title shall apply to permits and approvals granted pursuant to KMC Titles 12, 13, 15, 17, or 18 (or their successors).
(Ord. 98-0020 § 1 (KCC 27A.10.030); Ord. 99-0058 § 1)
The department is authorized to adopt such rules as are deemed appropriate to implement this title. The director may prepare and require the use of such forms as are deemed appropriate for its administration.
(Ord. 98-0020 § 1 (KCC 27A.10.040); Ord. 99-0058 § 1)
Should any chapter, section, subsection, paragraph, sentence, clause or phrase of this title be declared unconstitutional or invalid for any reason, such decision shall not affect the validity of the remaining portion of this title.
(Ord. 98-0020 § 1 (KCC 27A.10.050); Ord. 99-0058 § 1)