(A) If a sediment and erosion control plan is required pursuant to § 151.082 of this chapter, then a sediment and erosion control security shall be required. The security shall include:
(1) An irrevocable letter of credit, or other adequate security as the Director or the Administrator shall approve, in an amount equal to not less than 110% of the estimated probable cost to install and maintain the sediment and erosion control measures, which estimated probable cost shall be approved by the Director or the Administrator; and
(2) A statement signed by the applicant granting the Director or the Administrator, as applicable, the right to draw on the security and the right to enter the development site to complete sediment and erosion control measures in the event that the measures are not installed and/or maintained according to the established schedule.
(B) The security required by this section shall be maintained and renewed by the applicant and shall be held in escrow by the Director or the Administrator, as applicable, until the conditions set forth in this section are satisfied.
(C) After completion of construction, establishment of vegetation, removal of all sediment from stormwater facilities, and final inspection and approval by the Director or Administrator, as applicable, 100% of the sediment and erosion control security shall be released.
(Ord. 18-08, passed 1-14-19)