(a) Any person submitting an application for a stormwater management and erosion and sedimentation control plan under this Chapter shall submit, as a condition of its approval, a performance bond in an amount equal to one hundred percent (100%) of the estimated construction costs of the improvements to guarantee that they will be constructed in accordance with the plans and this Chapter. The bond shall be issued by an insurance company or surety company licensed to do business in the State of Ohio. The City Engineer shall approve the amount of the bond and City Law Director shall approve the form of the bond.
(b) In lieu of the performance bond required by subsection (a), the applicant may submit an irrevocable letter of credit equal to one hundred percent (100%) of the estimated construction cost drawn on a commercial or savings bank or saving association authorized to do business in the State of Ohio, which agrees to honor the requests for payment by the City of Mount Vernon as beneficiary upon submission of documentary evidence that the improvements have not been constructed in accordance with the plan and this Chapter. The City Engineer shall approve the amount of the letter of credit and City Law Director shall approve the form of the letter of credit.
(Ord. 2019-35. Passed 11-12-19.)