(A) The city may require an applicant to provide financial assurance for regulated construction activity.
(B) Financial assurance provided pursuant to this section shall be in the form of a performance bond, cash deposit, or unconditional irrevocable letter of credit. The city may accept, with prior approval, an equivalent instrument that guarantees that a stormwater management system that has received stormwater construction approval from the city is constructed in compliance with the regulated stormwater construction activity.
(C) The city may promulgate rules that establish the form and amount of financial assurance to be provided; the events, circumstances, or occurrences that will cause the city to release the financial assurance mechanism; and other requirements for financial assurance to satisfy the purposes of this chapter.
(Ord. 826, passed 11-9-09)