Before any Storm Water Management Plan is approved which proposes to dedicate storm water management facilities to a Home Owners Association or the City, as may be applicable in a given case, the owner or person in control shall post financial security with a bonding or lending institution of his choice, provided such institution is authorized to conduct business in the State of Ohio (either a Federal or State chartered lending institution). The acceptable types of financial security are as follows:
(a) Performance bond or Corporate bond with an acceptable surety, and of form satisfactory to the City; or
(b) Certified check payable to the City.
Financial security in an amount approved by the City Engineer equal to one hundred percent (100%) of the cost of the required storm water management facilities shall be posted by the owner or person in control, to secure the completion of such facilities pursuant to these regulations. Additional financial security in an amount approved by the City Engineer to secure the structural integrity of such facilities for a term not to exceed five years from the date of acceptance and approval by the City Engineer shall be required. The amount of such financial security shall not exceed ten percent (10%) of the actual cost of replacement. All storm water management facilities shall be completed by the owner or person in control at no expense to the City. (Ord. 2011-69. Passed 9-13-11.)