Along with the application for a city COSESCO permit, the applicant shall post security for compliance with all requirements imposed by the state NPDES general permit #2 and the city COSESCO permit as well as necessary remedial work resulting from violation of any provision of this chapter. The amount of the security shall be equal to the amount shown on a cost opinion provided by a licensed engineer or landscape architect. This amount shall apply to the maximum acreage of soil that will be simultaneously exposed during the project’s construction.