§ 167.03-03 Performance Guarantees.
   (A)   Form of performance guarantee. Where required, the owner/developer shall furnish a performance guarantee in any of the following acceptable forms:
      (1)   Cash deposit with the city;
      (2)   Certified check from a South Carolina lender based upon a cash deposit, in a form acceptable to the City Attorney;
      (3)   Irrevocable letter of credit from a South Carolina banking institution in a form acceptable to the City Attorney; or
      (4)   Any other financial security found acceptable by the City Attorney. Performance bonds will not be accepted.
   (B)   Amount of performance guarantees.
        (1)   Performance guarantees required for replacement vegetation shall equal 125% of the cost of the materials and labor associated with installation.
      (2)   Whenever guarantees are renewed, the city may require the guarantee be updated based on a standard engineering cost index to reflect increases in construction costs over time.
(Ord. 05-10, passed 3-23-10)