§ 36-7-9-18.1 — Performance bond

Indiana § 36-7-9-18.1

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 9: Unsafe Building Law

Text

1. (a) A court acting under section 17 of this
chapter may condition the granting of a period of time to accomplish
the action required by an order on the posting of a performance bond
that will be forfeited if the action required by the order is not completed
within the period the court allows. Before granting a period of time that
is conditioned on the posting of a bond, the court may require that the
requesting person justify the request with a workable and financially
supported plan. If the court determines that a significant amount of
work must be accomplished to comply with the order, the court may
require that the bond specify interim completion standards and provide
that the bond is forfeited if any of these interim completion standards
are not substantially met.
(b) An amount collected under subsection (a) on a forfeited bond
shall be deposited in the unsafe building fund.

Legislative History

As added by P.L.169-2006, SEC.67.