(1) The Department is authorized to require all applicants constructing improvements pursuant to any permits and approvals granted pursuant to CMC Titles 12, 13, 14, 15, 17, or 18 (or their successors) to post performance guarantees with the Director to guarantee completion of required improvements and compliance with this code.

(2) If more than one such guarantee is required, the applicant may, with the permission of the Director, and to the extent allowable by law, combine guarantees; provided, that at no time shall the guaranteed amount be less than the total amount which would have been required in the form of separate financial guarantees; and provided further, that such guarantee shall on its face clearly delineate those separate additional financial guarantees which it is intended in lieu of.

(3) Unless otherwise specifically indicated in this code, or as a condition of permit approval, performance guarantees shall require actual construction and installation of required improvements within one year after recording for final subdivision, one year after recording for short subdivision, one year after right-of-way permit issuance or six months after temporary building occupancy issued for a building permit. The time limit for performance guarantee compliance may be extended by six months at the Director’s discretion, if circumstances beyond the control of the applicant warrant an extension. The request for an extension shall be in writing, accompanied by a schedule for completion of remaining work and an estimate of the cost to complete the required improvements. The bond amount shall be increased, as determined by the Director, if the delay will cause an increase in construction costs. The City of Covington must approve the release of all financial guarantees. No agent shall release a financial guarantee without City approval. (Ord. 14-09 § 5; Ord. 43-02 § 2 (27.50.120))