17.32.630 Agreement for improvements – Bond.
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The subdivider shall file with the agreement set forth in CMC 17.32.620, to assure his performance thereof, one of the following:
(1) A surety bond executed by surety company authorized to transact business in the state of Washington, in a form approved by the town attorney;
(2) A personal bond approved by the town attorney, cosigned by at least one additional person, together with evidence of financial responsibility and resources of those signing the bond sufficient to provide assurance of ability to proceed in accordance with the agreement;
(3) Cash; or
(4) Letter of credit, approved by the town attorney, from a financial institution stating that the money is held for the purpose of development of the stated project. (Ord. 484, 2006)