A. The applicant shall secure the performance of the work described and delineated on the grading plan and the permit if required by the director of public services in an amount not to exceed one hundred percent of the approved estimate of cost of performing said work. The form of security shall be one or the combination of the following at the option of and subject to approval by the director of public services.
1. Bond or bonds by one or more duly authorized corporate sureties. The form of the bond or bonds shall be subject to the approval of the city;
2. A deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of money or negotiable bonds of the kind approved for securing deposits of public moneys;
3. An instrument of credit from one to more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary to carry out the act secured are on deposit and guaranteed for payment.
B. The applicant shall secure the performance of the work described and delineated on the final and interim erosion and sediment control plans and the permit in an amount to be determined by the director of public services, but not less than one hundred percent of the estimated cost of performing said work. The form of security shall be either a deposit or instrument of credit as described in this section for security of the work shown on the grading plan, at the option of and the subject to the approval of the director of public services.
C. The director of public services shall suspend or revoke the permit if the actions or inactions of the permittee give cause to do so pursuant to the provisions of this chapter. The director of public services shall notify the permittee of the suspension or revocation and, if emergency conditions do not exist, shall give the permittee a period of time to correct the cause of the suspension or revocation.
D. If the permittee does not correct the cause of the suspension or revocation, or if emergency conditions exist as determined by the director of public services, the city may perform or cause to be performed the necessary work to bring the site to a safe condition which will not endanger adjacent property or the public at large. The city may collect the cost of this work from the permittee's security. Also, fines and penalties may be assessed for violations.
E. Security for the work shown on the grading plan will not be released until the director of public services certifies that the work has been satisfactorily completed.
F. Security for the work shown on the final erosion and sediment control plan must be maintained for a period of one year after the director of public services certifies that the work has been satisfactorily completed or until the erosion control measures are permanently stabilized, as determined by the director of public services, whichever is longer. (Ord. 486 (part), 1986).