(A) Provision of surety before operations begin. After receiving notification that the application for a conditional use permit has been approved, but prior to commencement of such operation, the operator shall provide surety to the city, in a form and amount sufficient to secure the performance of the rehabilitation agreement.
(B) Amount of surety. In determining the amount of surety to be provided, the city shall consider factual information as to the magnitude, type, and costs of approved rehabilitation activities planned for the land affected and the nature, extent, and duration of operations under the excavation and rehabilitation plan. The city shall determine the amount of the surety reasonably related thereto, to protect the city and ensure compliance with the requirements of the conditional use permit; however, the amount of the surety shall not exceed 125% of the estimated cost of rehabilitating the excavation. The surety shall be periodically reviewed to ensure that the amount of the surety is capable of insuring adequate rehabilitation.
(C) Form of surety. In determining the form of surety to be provided, the City Council shall approve a method that is consistent with the requirements of this subchapter, which may be one or a combination of corporate surety bond, land, cash, letter of credit or other deposited securities to which the city shall have immediate access in the event the owner/operator fails to or refuses to carry out and complete the necessary and required rehabilitation.
(D) Releases of surety. The liability under surety provisions shall continue until such time as released as to part, or in its entirety, by the City Council upon completion of the required rehabilitation. Partial releases may be allowed within the discretion of the City Council.
(E) Forfeiture of surety. If the owner/operator fails to or refuses to carry out the necessary land rehabilitation as outlined in the approved excavation and rehabilitation plans, the city may, after notice and hearing, declare any surety filed for this purpose forfeited, or in case of a corporate bond file suit against the owner or operator and his, her, or their bonding company. The city shall also have the right to file suit against the defaulting permittee for violations of this subchapter or any permit granted, or for costs of rehabilitation and reasonable attorney fees. The city may also cause the required rehabilitation to be completed and be reimbursed or pay for such work out of the surety that was provided.
(Ord. 2008-005, passed 8-12-2008) Penalty, see § 155.999