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(4) The city engineer will provide a list of repairs and or corrections to developer within ten (10) <br /> business days of the initial inspection. <br /> (5) Subsequently, the developer shall request final inspection as evidence that the repairs and or <br /> corrections required have been made. <br /> (6) Upon final inspection, a letter of satisfactory inspection and approval will be sent to the city <br /> council from the city engineer. Re-inspections due to inadequate corrections or repairs may be <br /> subject to charges or fees to the developer. <br /> (7) Streets shall not be accepted by city council without proof of the city's receipt of a maintenance <br /> irrevocable letter of credit to serve as security for street and drainage structures maintenance for <br /> a period of two years from the date of a letter of satisfactory inspection and approval by the city <br /> engineer on the street or streets and drainage structures being considered for acceptance. The <br /> terms of the maintenance irrevocable letter of credit shall be limited to the two years period <br /> immediately following the letter of satisfactory inspection from the city engineer. <br /> (8) The amount of the maintenance irrevocable letter of credit shall be sufficient to cover 50 <br /> percent of the final total cost of all streets and drainage structures within the development as <br /> agreed upon by the subdivider,the city engineer and the street or public works department. <br /> a. The letter of credit will be irrevocable in accordance with Arkansas Code Annotated § 4-5- <br /> 101 et seq. (1987), as amended, and will list the City of Batesville, Arkansas, as the <br /> beneficiary of the irrevocable letter of credit. <br /> b. The letter of credit will be in a form approved by the city attorney. <br /> c. In the event the subdivider is in default, the city shall be entitled to payment upon making <br /> demand for payment under the terms of the credit; further, the city shall be entitled to use <br /> all of the monies secured by the letter of credit to assure the costs to bring the street and <br /> drainage structures into compliance as determined by the city engineer. The subdivider <br /> will not be entitled to any excess monies until the work to bring the street and drainage <br /> structures into compliance has been completed. <br /> d. The terms of the letter of credit shall be limited to the two years period immediately <br /> following the city engineer's letter of satisfactory inspection. During the two year time <br /> period, periodic status reports shall be made by the city engineer as required by the <br /> planning commission or city council. <br /> (9) In certain cases, the subdivider may be allowed to contribute funds to a holding account as <br /> specified by the off-site improvements regulations. <br /> (d) Upon acceptance for ownership and maintenance by the City of Batesville. <br /> (1) Ninety days prior to the expiration of the above maintenance period inspection shall be made <br /> by the city engineer and a final list of repairs/corrections shall be furnished to the developer. <br /> (2) If all final repairs and corrections are cured by the developer,the irrevocable letter of credit will <br /> . be automatically released under its specified two year term. If final repairs and corrections have <br /> not been cured within 30 days prior to the expiration of the maintenance irrevocable letter of <br /> credit , the city will exercise its right's to the irrevocable letter of credit in such amount as to <br /> bring the street and drainage structures into compliance. <br /> - 192- Batesville Subdivision Regulations <br />