(A) The City Civil Engineer may, as a prerequisite to the issuance of a storm water permit, require the posting of a performance surety from a company licensed by the State of Indiana to provide such surety upon which the principal may be the owner of the affected land, the developer or any other party or parties the City Civil Engineer believes necessary or helpful. The surety shall name the City of Lawrence as the party to enforce the obligations hereunder, and shall be in an amount established by the City Civil Engineer as adequate to provide surety for the satisfactory completion of the improvements required by the storm water permit. In the instance of planting, the surety may be part of the total surety required by the Plat Committee of the Metropolitan Development Commission. Separate sureties will be required for storm water facilities and for erosion and sediment control facilities.
(B) The City Civil Engineer shall, as a prerequisite to acceptance of a storm water facility, require the posting of a maintenance surety in an amount not to exceed 20% of the cost of construction and covering a period of three years from the date of acceptance by the Board of Public Works and Safety. The surety shall name the City of Lawrence as the party who can enforce the obligation hereunder. The workmanship and all materials used in the construction, installation and completion of the storm water management facilities shall be warranted by the maintenance surety.
(C) If the surety furnished to the City of Lawrence becomes a party to a supervision, liquidation or rehabilitation action pursuant to I.C. 27-9 et seq., or its right to do business in the State of Indiana is terminated, it shall be required that, within 30 days thereafter, a substitute surety be provided, which must be acceptable to the City. Failure to obtain a substitute surety within the stated timeframe shall be cause for revocation or suspension of the storm water management permit until such time that the surety is furnished to the City.
(Ord. 6, 2008, passed 5-5-2008)