(A) The City Council shall, to ensure strict compliance with any regulations contained herein or required as a condition for the issuance of a permit for the removal of earth material, require the permittee to furnish surety in the form of cash, a bank letter of credit or a bond executed by a reputable surety company authorized to do business in the state.
(B) The amount of such surety shall be at least $1,000 for each acre of land owned or leased by the operator and may be greater if deemed necessary by the City Council to ensure compliance with this chapter. In fixing the amount of such surety, the probable cost of rehabilitating the premises upon default of the operator, estimated expenses to compel the operator to comply with court orders and any other relevant factors shall be considered.
(C) Excess funds, if any, shall be returned with interest to the depositor, upon completion of the rehabilitation of the premises. Upon presentation to the City Council of hardship circumstances, in conjunction with a plan giving a method whereby security is offered sufficient to assure the city that the reuse plan can be completed, the City Council may accept said alternative means of security.
(1979 Code, § 5.412) (Ord. 96, passed 5-5-1987)