1007.14 BOND.

   (a)   If a Comprehensive Stormwater Management Plan is required by this regulation, soil-disturbing activities shall not be permitted until a cash bond or performance bond in the amount of ten percent (10%) of the total site construction costs has been deposited by the Site Owner or the Site Owner's Representative with the City Finance Department, with notice to the Engineer. This bond shall be posted for the City to perform the obligations otherwise to be performed by the Site Owner of the development area as stated in this regulation and to allow all work to be performed as needed in the event that the applicant fails to comply with the provisions of this regulation. The stormwater bond will be returned, less City administrative fees, when the following three criteria are met:

      (1)   After eighty percent (80%) of the lots of the project have been complete or one hundred percent (100%) of the total project has been permanently stabilized or three (3) years from the time of permanent stabilization have passed.

      (2)   An As-Built Inspection of all stormwater control measures as described in Section 1007.12 is approved by the Engineer.

      (3)   An Inspection and Maintenance Plan has been approved by the City and Inspection and Maintenance Agreement has been signed by the Site Owner, developer, the contractor, the City, and the private owner or homeowners association who will take long term responsibility for these SCMs, is accepted by the Engineer.

   (b)   Once these criteria are met, the applicant shall be reimbursed all bond monies that were not used for any part of the project. If all of these criteria are not met after three years of permanent stabilization of the site, the City may use the bond monies to fix any outstanding issues with all stormwater management structures on the site and the remainder of the bond shall be given to the private lot owner/ homeowners association for the purpose of long term maintenance of the project.  (Ord.  2020-59.  Passed 4-20-20.)