(A) The owner or operator of each surface mining operation shall provide the city with financial assurances to ensure reclamation is performed in accordance with the operation's approved reclamation plan. Financial assurances may take the form of surety bonds, irrevocable letters of credit, trust funds, or other forms specified by the Department of Conservation, which the Public Works Department reasonably determines are adequate to perform reclamation in accordance with the operation's approved reclamation plan. The financial assurances shall be made payable to the City of Monrovia and the California Department of Conservation.
(B) The amount of required financial assurances shall be based upon the following criteria:
(1) The estimated costs of reclamation for the years or phases stipulated in the approved reclamation plan, including any maintenance of reclaimed areas as may be required, subject to adjustment for the actual amount required to reclaim lands disturbed by surface mining activities since January 1, 1976, and new lands to be disturbed by surface mining activities in the upcoming year.
(2) An analysis of physical activities necessary to implement the approved reclamation plan, the unit costs for these activities, the number of units of each of these activities, and the actual administrative costs.
(3) Financial assurances to ensure compliance with revegetation, restoration of water bodies, restoration of aquatic or wildlife habitat, and any other applicable element of the approved reclamation plan shall he based on cost estimates that include but are not limited to labor, equipment, materials, mobilization of equipment, administration, and reasonable profit by a commercial operator other than the surface mining permittee including allowances in future costs based on projected cost of living future adjustments.
(4) A contingency factor of 10%.
(`83 Code, § 15.30.460) (Ord. 97-03 § 1, 1997)