15.2-2241.1 - Bonding requirements for the acceptance of dedication for public use of certain facilities. - Virginia Statutes

§ 15.2-2241.1. Bonding requirements for the acceptance of dedication forpublic use of certain facilities.

Notwithstanding the provisions of § 15.2-2241, provided the developer and thegoverning body have agreed on the delineation of sections within a proposeddevelopment, the developer shall not be required to furnish to the governingbody a certified check, cash escrow, bond or letter of credit in the amountof the estimated cost of construction of facilities to be dedicated forpublic use within each section of the development until such time asconstruction plans are submitted for the section in which such facilities areto be located.

(2007, c. 420.)