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302 <br /> PROPOSED ORDINANCE AMENDMENT <br /> ORDINANCE : Subdivision Regulations <br /> REFERENCE : Section V lmorovement1 <br /> ORIGIN OF AMENDMENT: x Staff Planning Board <br /> BOCC Public <br /> Other : <br /> STAFF PRIORITY RECOMMENDATION : High M i d d l e xLow <br /> Comment: <br /> EXPECTED PUBLIC HEARING DATE: August 24 , 1987 <br /> PURPOSE OF AMENDMENT: To revise the first paragraph of <br /> Section V of the Subdivision Regula- <br /> tions by eliminating cash as a form of <br /> security that may be posted to provide <br /> for the completion of improvements <br /> required in subdivision and establish- <br /> ing escrow accounts as a form of <br /> security . <br /> IMPACTS/ ISSUES : When improvements are required in subdivi - <br /> sions as a condition for Final Plat <br /> approval , Section V - requires that those <br /> improvements be constructed or a form of <br /> security be posted to provide for their <br /> completion . The County Attorney has in- <br /> formed the Planning Staff that a form of <br /> security currently included in Section V , <br /> cash , cannot be accepted as security. This <br /> amendment would remove cash from the regula- <br /> tions as an acceptable form of security and <br /> would add escrow accounts as a new form of <br /> security. This change would make the <br /> Subdivision Regulation consistent with the <br /> County Attorney ' s advice. <br /> EXISTING ORDINANCE PROVISIONS: <br /> SECTION V IMPROVEMENTS <br /> Before a final plat of a subdivision shall <br /> be approved, improvements shall be provided <br /> as follows , or a security bond, or cash , or <br /> a satisfactory, irrevocable letter of credit <br /> by an approved institution and as approved <br /> by the Orange County Attorney shall be <br />