(A) The county will require the submittal of a surety performance bond made by a surety bonding company licensed and authorized to do business in the state, a bond of the owner/developer with an assignment to the county of a certificate of deposit as security for the bond, a bond of the owner/developer by an official bank check drawn in favor of the county and deposited with the county, or cash or an irrevocable letter of credit deposited with the county prior to issue of a permit in order to ensure that the stormwater system is installed by the developer and functions as required by the approved stormwater plan.
(B) The amount of an installation performance security shall be the total estimated construction cost of the system and devices approved under the permit, plus 25%.
(C) The performance security shall contain forfeiture provisions for failure, after proper notice, to complete work within the time specified, or to initiate or maintain any actions which may be required of the applicant in accordance with this chapter.
(D) Upon default of the applicant to construct, maintain, repair, and if necessary reconstruct any stormwater device in accordance with the applicable permit, the Stormwater Administrator shall obtain and use all or any portion of the security to make necessary improvements based on an engineering estimate. Such expenditure of funds shall only be made after requesting the applicant to comply with the permit. In the event of a default triggering the use of installation of performance security, the county shall not return any of the unused deposited cash funds or other security, which shall be retained for maintenance.
(E) If the county takes action upon such failure by the applicant, the county may collect the difference should the amount of the reasonable cost of such action exceed the amount of the security held. This difference will be collected from the applicant.
(F) Within 60 days of the final approval, the installation performance security shall be refunded to the applicant or terminated.
(2013 Code, § 20-15)