3 AAC 20.290. Financial security of the developer

(a) The department will in its discretion require surety bonds, escrow accounts, irrevocable bank letters of credit, or any other financial security which it considers adequate in assuring that a plan of development has adequate safeguards and assurances. In determining the security required, the department will examine the status of improvements, the overall cost of improvements, the terms of the purchaser's contracts, the financial condition of the subdivider, and other data which it considers necessary. The department will consider whatever financial security has been posted with other governmental authorities in making its determination.

(b) A surety bond will not be approved by the department unless it is on a form approved by the department.

History: Eff. 4/3/76, Register 58

Authority: AS 34.55.014 (2)

AS 34.55.020

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