A. When the grading permit is issued, the building official may require cash escrow, certificate of deposit, performance bonds or an irrevocable letter of credit in order to assure that the work will be completed in accordance with the approved plans and specifications and to assure all hazardous conditions are eliminated. Said cash escrows, certificate of deposit, performance bonds or letters of credit shall be in an amount equal to one hundred ten percent (110%) of the grading project, but in no event shall the required amount exceed ten thousand dollars ($10,000.00) or the cash equivalent.
B. It is the intent of this section that cash escrow, certificate of deposit, performance bonds or irrevocable letters of credit shall not be deemed as a substitution for performance of the work, but that such instruments shall stand solely as security to assure compliance with the grading requirements herein. (1978 Code §8-17; amd. 1994 Code)