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062 <br /> Existing and"Proposed Ordinance Provisions:[Underline indicates proposed text.] <br /> V D S III-E. Improvements <br /> [This existing paragraph is to be moved from V-D-8-c]Improvements proposed <br /> by the subdivider or required by this Ordinance, such as street pavement, curb and <br /> gutter, and sidewalks, shall be constructed in accordance with the standards and <br /> requirements as provided in this Ordinance,provided that where said <br /> improvements are to be constructed subsequent to the approval of the Final Plat, <br /> plans and specifications for said improvements shall be approved by the <br /> appropriate agency and reference to said improvements shall be made part of the <br /> Final Plat as provided in Section V-D-7-a. <br /> III-E-1 Financial Guarantee <br /> Before a final plat of a subdivision shall be approved, improvements shall be <br /> p£evided as ews installed. inspected and approved. r a s°eur-it y bead, O-eas <br /> an escrow agreement,or a satisfactory, irrevocable letter of credit by an approved <br /> institution and as approved by the Orange County Attorney shall be posted with <br /> Orange County by the subdivider to provide for the completion of the required <br /> improvements. <br /> The financial guarantee shall be effective for 372 days after the Certificate of <br /> Improvements is igned by the County Manager. The amount of the] A- letter of <br /> credit. or escrow agreement shall be 110 percent of the construction cost estimate <br /> described in Section III-E-2. <br /> III-E-2. Construction Cost Estimate <br /> The financial guarantee shall be accompanied by an itemized estimate for the cos <br /> of construction which includes quantities and unit prices for construction <br /> materials and activities such as clearing and,"ing The estimate shall be <br /> F y�n engineer,contractor_or other individual Qualified to calculate the <br /> Cost to complete th_e improvements according to approved plans and <br /> s=ifications. who has no direct or indirect ownership interest in the subdivision. <br /> The construction cost estimate shall include a ten j=rcent(10%)con_struction <br /> contingency to account for unanticipated conditions or circumstances discovered <br /> during the development process. <br />