The city may, at its discretion, require the submittal of a performance security or bond prior to issuance of a permit in order to ensure that the storm water practices are installed by the permit holder as required by the approved storm water management plan. The amount of the installation performance security shall be the total estimated construction cost of the storm water management practices approved under the permit, plus twenty five percent (25%). The performance security shall contain forfeiture provisions for failure to complete work specified in the storm water management plan.
The installation performance security shall be released in full only upon submission of "as built" plans and written certification by a licensed professional engineer that the storm water practices have been installed in accordance with the approved plan and other applicable provisions of this chapter. The city will make a final inspection of the storm water practices to ensure that they are in compliance with the approved plan and the provisions of this chapter. Provisions for a partial pro rata release of the performance security based on the completion of various development stages can be done at the discretion of the city. (Ord. 05-1110, 11-21-2005)
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