(A) Purpose. It is the intent of the City of Jordan to protect and conserve water resources by requiring a financial security to assure compliance with § 154.330.
(B) Requirement. The City of Jordan shall require a deposit of cash, an irrevocable letter of credit, or other security with the city as a condition to the issuance of a surface water management permit under § 154.330.
(C) Amount. A rate schedule of security amounts shall be set annually by the City of Jordan as the amount the city deems necessary to cover the following potential liabilities to the resources of the city:
(1) The cost of field inspection, monitoring and related fees;
(2) The cost of maintaining and implementing erosion and sediment control required by the surface water management permit;
(3) The cost of completing buffer strip landscaping in accordance with § 154.337; and
(4) The cost of remedying damage resulting from noncompliance with the surface water management permit or § 154.330, or for which the permittee is otherwise responsible.
(D) Forms and conditions.
(1) The security shall be in the form of cash escrow or an irrevocable letter of credit from a bank or surety licensed to do business in the State of Minnesota.
(2) The security shall be in favor of the City of Jordan and conditioned upon the permittee's performance of the authorized activity in compliance with the surface water management permit and applicable laws, including § 154.330, and the payment when due of any fees or other charges authorized or required by the surface water management permit, or § 154.330.
(3) Upon written notice, the City of Jordan shall be authorized to make a claim or draw against the security after any default by the permittee under the surface water management permit or § 154.330, or if the permittee fails to replace any security at least 30 days before its expiration.
(E) Release. Any security may be released by the City of Jordan.
(Ord. 2013-05, passed 5-20-2013)