A storm water permit shall not be issued unless the permittee shall first post with the city a bond executed by the landowner or person and a corporate surety with authority to do business in the State of Indiana as a surety. The bond shall be in a form approved by the city, payable to the city and in the amount of the estimated total cost to implement the storm water plan. The total cost shall be estimated by the applicant and reviewed and approved by the city. In lieu of a surety bond, the applicant may file with the city, a letter of credit or cash deposit in the amount equal to that which would be required for the surety bond. Every bond and instrument of credit shall include and every cash deposit shall be made on the conditions that the permittee shall comply with all of the provisions of this chapter and all of the terms and conditions of the storm water permit, and shall complete all of the work contemplated under the storm water permit within the time limit specified in the storm water permit, or if no time limit is specified, within 180 days after the date of the issuance of the storm water permit.
(Ord. 35-2004, passed 10-12-04; Am. Ord. 37-2005, passed 10-11-05) Penalty, see § 157.999