NC H827

Allows developers to choose surety bonds as an alternative to letters of credit when local governments offer letters of credit as a performance guarantee option for subdivision development.

Requires counties and municipalities to provide developers a range of performance guarantee options including financial assurances such as surety bonds and letters of credit, with the developer choosing which type to use.

Deems any surety company doing business in North Carolina that is listed as an acceptable surety on federal bonds in U.S. Department of Treasury Circular 570 to be automatically acceptable for performance guarantees.

Applies the surety bond option to both county subdivision control ordinances and municipal development ordinances.

Becomes effective upon enactment and applies to any range of performance guarantees specified by counties or cities on or after the effective date.