§ 30-281. Restrictions.

All forms of assurance are subject to the following restrictions:

(1)

Land, and any improvements that may be contained thereon, shall not be used as an assurance guarantee in any form, except that this restriction is not intended to prohibit the use of property escrow trust agreements.

(2)

No form of assurance may be withdrawn, reduced in amount or released (except as provided in section 30-283), or otherwise amended or altered without the approval of the county board of supervisors.

(3)

Property escrow trust agreements may not be used for subdivisions where certificates of occupancy are not required, such as condominium or timeshare subdivision proposals.

( Ord. No. 2001-01 , § 4.5, 2-20-2001; Ord. No. 2004-04 , § 4.5, 12-6-2004; Ord. No. 2010-06 , § 4.5, 4-5-2010; Ord. No. 2012-01 , § 4.5, 4-2-2012)