§ 53.07  FINANCIAL SECURITIES.
   (A)   Security amount and form.
      (1)   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 available prior to commencing the project.
      (2)   The form of the securities must be:
         (a)   The first $500 (in U.S. currency) or 15%, whichever is greater, of this financial security must be by cash deposit to the city.
         (b)   Deposit, either with the city, a responsible escrow agent, or trust company, at the option of the city, money, an irrevocable letter of credit, 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 the financial institution pledges that the funds are on deposit and guaranteed for payment. The type of security must be of a type acceptable by the city.
         (c)   The city may request a greater financial security, if the city considers that the development site is especially prone to erosion or the resource to be protected is especially valuable.
   (B)   Maintaining the financial security
      (1)   If at anytime during the course of the work this amount falls below 50% of the required deposit, the developer shall make another deposit in the amount necessary to restore the deposit to the required amount.
      (2)   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:
         (a)   Withhold the scheduling of inspections and/or the issuance of a Certificate of Occupancy.
         (b)   Revoke any permit issued by the city to the applicant for the site in question and any other of the applicant’s sites within the city’s jurisdiction.
   (C)   Proportional reduction of the financial security.  When more than half of the development’s maximum exposed soil area achieves final stabilization, the city can reduce the total required amount of the financial security by half, if recommended by the City Engineer.
   (D)   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 any corrective or remedial work undertaken by the city or a 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 any city approved 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 § 53.08.
   (E)   Returning the financial security.  Any unspent amount of the financial 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 must be released one full year after the completion of the installation of all such measures and the establishment of final stabilization.
(Ord. 01-01, passed 4-10-01)