(a) Security required. An applicant other than the County, the Board of Education, or a public utility, or an applicant for a forest harvest operation shall provide the County with security in an amount equal to the approved cost estimate as shown on the approved grading and sediment control computation sheet. The security shall be in the form of a cash deposit, certified check, cashier's check, irrevocable letter of credit, or bond from a bonding company or financial institution acceptable to the County. A public utility shall provide a letter of guarantee in a form approved by the Office of Law.
(b) Full release. Security given under this section shall be released if the Department issues a certificate of completion after having determined that the minimum requirements of this title have been met.
(c) Partial release. The Department may allow a partial release of the security given under this section, not to exceed 50% of the obligations or remaining obligations under the permit, if the applicant has performed at least 50% of the obligations or remaining obligations under the permit and the County determines that a partial release of the security will not impair implementation of the provisions of this title.
(d) Forfeiture. If an applicant fails to comply with any term or condition of the permit, the County may declare that the security is forfeited to the County.
(e) Costs in excess of security. The cost of work performed under the provisions of this article in excess of that for which the County is compensated by security shall be an obligation of the owner of the property. The costs shall be levied and collected from the owner in the same manner as County real property taxes and shall have the same priority rights, bear the same interest and penalties, and in every respect be treated as County real property taxes. The interest rate charged to the property owner shall be the maximum legal rate. This subsection does not apply to a bona fide purchaser of a subdivided lot who had no financial interest in the development of the lot prior to acquiring legal title unless the violation is attributable to that purchaser.
(Bill No. 58-10)