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(e) Whenever the owner or developer of any subdivision, <br />not to include minor subdivisions, desires to have new water <br />service connections installed to facilitate the paving of said <br />subdivision streets,he may pay in advance in accordance with <br />paragraph (a), or may elect to furnish the department of public <br />utilities a surety bond or irrevocable letter of credit in an <br />amount equal to the total water service connection charges, <br />plus an additional ten (10) percent of the amount of the total <br />water service connection charges, guaranteeing payment of the <br />total charges within a time period prescribed by the director <br />of public utilities not to exceed two (2) years. This surety <br />bond or irrevocable letter of credit must be furnished prior to <br />the execution of a water service connection agreement and must <br />be in a form deemed satisfactory by the city attorney. <br /> <br />2. This ordinance shall take effect upon its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held on October 28, 1997. <br /> <br /> Teste: <br /> <br /> City Clerk <br /> <br /> <br />