10 March 2006 Chapter 28 - Standard Requirements 28.1.34 Uncompleted Works Bonds for Roads Where the Council agrees that it is acceptable that uncompleted work may be completed after approval of the survey plan the developer may obtain ‘vesting under bond’. The minimum standard required by the Council before accepting a bond is that earthworks have been completed, all underground services, including power and telephone, have been installed and kerbing and channelling and basecourse metal been laid in all roads to vest as public roads, and that there is vehicle access available to all allotments, with timber edging and metalling completed in rights of way or private accesses. When applying for vesting under bond, the developer shall forward a schedule showing quantities and contract prices for the uncompleted work. The Council will make its own assessment of the value of the uncompleted work and the developer will be required to enter into a bond for the completion of these works in an amount equal to 200% of the assessed value, plus GST. The developer shall bear the cost of preparation and execution of the bond which shall be for such period and on such terms as the Council deems suitable. Where the second coat seal is required by the Council, the developer may carry out the work or pay a cash payment to Council equal to 105% of the assessed value of the work (plus GST). The Council shall arrange to carry out the second coat seal as required. The Council will, as a general policy, agree to such vesting under bond provided that the uncompleted works will be completed before the subdivision could be occupied; or that the non-completion will not cause any inconvenience or risk to the occupants of the subdivision. In all cases, the bond shall be for the minimum reasonable period, but this shall not preclude the developer being granted an extension upon application provided that the time taken by the Council to consider this application or the failure of the Council to grant an extension shall not in any way extend the time for the bond. The Council will charge an administration fee for any such bond. 28 - 27