§ 153.476  FINANCIAL SECURITIES.
   (A)   Generally.
      (1)   The applicant shall provide security for the performance of the work described and delineated on the approved grading plan involving the stormwater pollution control plan and any stormwater and pollution control plan related remedial work in an amount of $3,000 per gross acre or $1,000 for each single- or two-family home, whichever is greater.
      (2)   This security must be available prior to commencing the project.
      (3)   The form of the securities shall adhere to the following.
         (a)   The first $3,000 (in U.S. currency) or 15%, whichever is greater, of this financial security must be by cash deposit to the city.
         (b)   Deposit 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; and/or
         (b)   Revoke any permit issued by the city to the applicant for the site in question.
   (C)   Proportional reduction of the financial security. When more than half of the development’s exposed soil area achieves final stabilization, the city may reduce the total required amount of the financial security by half, if recommended by the City Engineer.
   (D)   Action against the financial security.
      (1)   The city may act against the financial security if any of the conditions listed below exist.
      (2)   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, attorney’s fees, consulting fees and any other fees related thereto.
         (a)   The developer ceases land disturbing activities and/or filling and abandons the work site prior to completion of the grading plan.
         (b)   The developer fails to conform to the grading plan and/or the SWPPP and/or the stormwater pollution control plan as approved by the city.
         (c)   The techniques utilized under the SWPPP or stormwater pollution control plan fail within one year of installation.
         (d)   The developer fails to reimburse the city for corrective action taken under § 153.477.
   (E)   Returning the financial security. Any unspent amount of the financial security deposited with the city for faithful performance of the SWPPP or stormwater pollution control plan and any SWPPP or stormwater and pollution control plan related remedial work must be released six months after the completion of the installation of all stormwater pollution control measures as shown on the grading and/or the stormwater pollution control plan and establishment of final stabilization.
(Ord. passed 10-11-1963)