§ 54.067  MAINTENANCE BONDS FOR POST-CONSTRUCTION FACILITIES.
   The city may require the posting of a maintenance bond to secure the structural integrity of said facilities as well as the functioning of said facilities in accordance with the approved P-SWPPP for a term of two years from the date of acceptance of dedication. An irrevocable letter of credit can be used as the financial assurance in lieu of a maintenance bond although the contribution shall be equivalent to the amount that would be estimated for the maintenance bond. The maintenance bond shall be calculated as 20% of the estimated construction cost and may be reduced to 10% after one year if there are no concerns by the MS4 representative or their designee. A qualified professional is to submit a construction cost estimate for the basis of the bond value.
(Ord. 14-08, passed 9-3-2014)