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4 <br /> Existing and Proposed Ordinance Provisions:[Underline indicates proposed text.] <br /> V D i III-E. Improvements I <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 /> PmN ided as installed. inspected and ap rov d or a seeuFity bead, <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 signed by the County Manager. The amount of the��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 bX an itemized estimate for the cost <br /> of construction which includes quantities and snit 2rices for construction <br /> materials and activities such as clearing and gradirusz. The estimate shall be <br /> prepared by an engineer. contractor.or other individual qualified to calculate the <br /> cost to'comp lete the unnrovements according to approved plans and <br /> specifications, who has no direct or indirect ownership interest in the subdivision, <br /> The construction cost estimate shall include a ten percent(10%)construction <br /> contingency to account for unanticipated conditions or circumstances discovered <br /> dig the development process, <br />