(a) Amount and form of security.
(1) General. The applicant shall provide security for the performance of the work described and delineated on the approved grading plan and interim and final erosion and sediment control plans. The estimated cost of work shall be as approved and certified by the City Engineer.
(2) Types of guarantees. The permittee may execute financial guarantees and shall file such guarantees with the city concurrently with the application for approval of the plan required herein. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of surety approved by the city.
(3) Terms. The terms of such guarantees shall be determined by the Law Director with confirmation by Council. Bonds shall be executed by the applicant as principal with a surety company authorized in the State of Ohio.
(4) Amount of guarantee. The financial guarantees shall be in an amount equal to the estimate total costs of materials and labor required for the completion of the work, as certified by the City Engineer. When any portion of the work has, upon inspection, been found satisfactorily completed, a reduction in the bonds or partial withdrawal of funds equal to the estimated costs of such completed work may be authorized.
(b) Action against security.
(1) Should the city find that the permittee has failed to comply with any of the following or should any of the following conditions exist, the City Engineer may take appropriate action against the security after giving written notice to the permittee and surety:
A. The permittee ceases land-disturbing activities and/or filling and abandons the worksite for a seven-day period prior to completion of the work;
B. The permittee fails to conform to the approved erosion and sediment control plans;
C. The permittee fails to correct a hazardous condition, to remedy defective work or repair damage caused by the work; and
D. The permittee fails to conform to the approved grading plan and/or any condition of approval.
(2) The written notice to the permittee and surety by the City Engineer shall include:
A. The work to be completed and/or repairs to be made; and
B. The time in which all work is to be completed.
(3) Should the required work not be completed within the time specified by the city, the city may cause such work to be completed or partially completed to a condition acceptable to the city, and deduct the cost thereof from any cash deposit or collect such amount from the surety.
(c) Release of surety. Any unused security posted with the city for faithful performance shall be released as follows:
(1) Eighty-five percent of the unused security will be returned upon completion and acceptance of the work by the City Engineer (less any outstanding claims); and
(2) Any remainder of the security will be released 12 months after completion and acceptance by the City Engineer provided all defective work is corrected to the satisfaction of the City Engineer.
(Ord. 07-O-36, passed 11-7-2007)