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2007 SESSION
079813336Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 15.2-2241.1 as follows:
§ 15.2-2241.1. Bonding requirements for the acceptance of dedication for public use of certain facilities.
Notwithstanding the provisions of § 15.2-2241, provided the
developer and the governing body have agreed on the delineation of sections
within a proposed development, the developer shall not be required to furnish
to the governing body a certified check, cash escrow, bond or letter of credit
in the amount of the estimated cost of construction of facilities to be
dedicated for public use within each section of the development until such time
as construction plans are submitted for the section in which such facilities
are to be located. [ No developer shall be required to provide a
certified check, cash escrow, bond or letter of credit for any improvement that
is not intended to be dedicated for public use following construction,
regardless of whether such improvement has been proffered by the developer
pursuant to § 15.2-2298, 15.2-2303, 15.2-2303.2 or 15.2-2303.3.
]