a. Security Amount. Security shall be posted with the Town in an amount required by the “Grading Fee Schedule” prior to the issuance of the grading permit.
b. Cash Deposit. Unless this section is waived in the permit, and before a permit is effective, an applicant shall deposit with the Town cash or a certified or cashier’s check in a sum to be fixed by the Town as sufficient to reimburse the Town for costs of restoring the site to its former condition, based on the schedules adopted by resolution of the Town Council. An applicant may file a cash deposit on an annual basis in a sum estimated by the Town Engineer as sufficient to cover his activities during any twelve (12) month period.
c. Bond in Lieu of Cash Deposit. Instead of the cash deposit prescribed above, the applicant, on approval by the Town, may file a cash deposit in the minimum sum established by the schedules, adopted for that purpose by the Town Council and in effect at the time of application for a permit. The balance of the sum fixed by the Town Engineer as sufficient to reimburse the Town for expenses incurred in restoring the site to its former condition may be filed in the form of an approved surety bond issued by a company authorized to conduct a general surety business in the State.
d. Annual Bond. Instead of a cash deposit, the applicant, on approval by the Town, may annually file with the City Clerk an approved surety bond issued by a company authorized to conduct a general surety business in the State, in a sum fixed by the Town Engineer as sufficient to reimburse the Town for expenses to be incurred in restoring the site to its former condition, subject to the schedules adopted by the Town Council.
e. Additional Bond or Cash Deposit. The Town may require an additional bond or cash deposit at any time that evidence indicates that the amount of the bond or cash deposit previously made is insufficient to cover the cost of restoring the site to its former condition, subject to the schedules adopted by the Town Council.
f. Condition of Bond or Cash Deposit. The condition of any bond or cash deposit made under this title shall be that the permittee comply diligently and in good faith with this title and the terms and conditions of the permit.
g. Payable to Town - Release. Any bond or cash deposit required by the Town under this title shall be payable to the Town and shall be filed with the City Clerk who shall release it ninety (90) days after satisfactory completion of all work authorized in the permit and fulfillment of all conditions of the permit.
h. Amount of Security. The amount of the security as referenced in this chapter shall be in accordance with those amounts referenced in the “Grading Fee Schedule”. The security shall be for the purpose of securing faithful performance and labor and materials on the specific project.
i. Alternate Security. A Letter of Credit or Certificate of Deposit may be substituted for a cash deposit or bond in a sum to be fixed by the Town as sufficient to reimburse the Town for costs of restoring the site to its former condition, based on the schedules adopted by resolution of the Town Council. An applicant may file a cash deposit on an annual basis in a sum estimated by the Town Engineer as sufficient to cover his activities during any twelve (12) month period.
j. Landscape Bond. A landscape bond shall be filed with the Town in a sum established by Town as sufficient to cover the costs for installation of materials as indicated on the approved plans.
(Ord. #89-22, §92-8.58)