(a) Notwithstanding another law, if a professional engineer determines upon conducting an independent inspection that a contractor or developer has completed all work required by a contract between the contractor or developer and the local government, then:(1) No later than one hundred twenty (120) business days after receiving the written inspection report, the local government must either place the release of the bond on the next available agenda of either the planning commission or governing body, or approve the release; or(2) No later than twenty (20) business days after receiving the written inspection report, respond in writing with its reason or reasons for not releasing the contractor or developer from its required bond, and specify what work is required by the contract that the local government asserts has not been completed by the contractor or developer.
(1) No later than one hundred twenty (120) business days after receiving the written inspection report, the local government must either place the release of the bond on the next available agenda of either the planning commission or governing body, or approve the release; or
(2) No later than twenty (20) business days after receiving the written inspection report, respond in writing with its reason or reasons for not releasing the contractor or developer from its required bond, and specify what work is required by the contract that the local government asserts has not been completed by the contractor or developer.
(b) For purposes of the timeframes established in subsection (a), a day on which a local government's offices are closed for business during a state of emergency declared under § 58-2-107 does not count as a business day.