(A) Securities; form of. The applicant shall provide security for the performance of the work described and delineated on the approved grading plan involving the storm water pollution control plan and any storm water and pollution control plan related remedial work in an amount of $3,000 per gross acre or $1,000 for each single or twin family home, whichever is greater. This security must be submitted to the city prior to commencing the project. The form of the securities must be one or a combination of the following to be determined by the city:
(1) Cash. A minimum of $3,000 of the financial security for erosion control must be by cash deposit to the city.
(2) Bonds, instruments of credit. Deposit, either with the city, a responsible escrow agent, or trust company, at the option of the city, money, negotiable bonds of the kind approved for securing deposits of public money or other instruments of credit from one or more financial institutions, subject to regulation by the state and federal government wherein said financial institution pledges funds are on deposit and guaranteed for payment.
(B) Maintaining the financial security. If at anytime during the course of the work the cash deposit or entire deposit amount falls below 50% of the required deposits, the developer shall make another deposit in the amount necessary to restore the cash deposit to the required amount. If the developer does not bring the financial security back up to the required amount within seven days after notification by the city that the amount has fallen below 50% of the required amount the city may:
(1) Withhold the scheduling of inspections and/or the issuance of a certificate of occupancy.
(2) Revoke any permit issued by the city to the applicant for the site in question or any other of the applicant’s sites within the city’s jurisdiction.
(C) Action against the financial security. The city may act against the financial security if any of the conditions listed below exist. The city shall use funds from this security to finance remedial work undertaken by the city or a private contractor under contract to the city and to reimburse the city for all direct cost incurred in the process of remedial work including, but not limited to, staff time and attorney's fees.
(1) The developer ceases land disturbing activities and/or filling and abandons the work site prior to completion of the grading plan.
(2) The developer fails to conform to the grading plan and/or the storm water pollution control plan as approved by the city.
(3) The techniques utilized under the storm water pollution control plan fail within one year of installation.
(4) The developer fails to reimburse the city for corrective action taken under § 152.05.
(D) Returning the financial security. The security deposited with the city for faithful performance of the storm water pollution control plan and any storm water and pollution control plan related remedial work to finance necessary remedial work must be released one full year after the completion of the installation of all storm water pollution control measures as shown on the grading and/or the storm water pollution control plan.
(Ord. 128, passed 2-8-00)