(A) If a sediment and erosion control plan is required pursuant to § 164.082 of this chapter, then a sediment and erosion control security shall be required. This security shall include:
(1) An irrevocable letter of credit, or cash deposit as the Chief Subdivision Engineer shall approve, in an amount equal to not less than 125% of the estimated probable cost to install and maintain the sediment and erosion control measures, which estimated probable cost shall be approved by the Chief Subdivision Engineer. A corporation with a bond rating of “A” or higher from a major investment firm (i.e., Standard and Poor, Moody or equivalent) would be deemed to have adequate credit worthiness and is not required to post a letter of credit for projects that are not required to be located in public easements; and
(2) A statement signed by the applicant granting the Chief Subdivision Engineer the right to draw on the security and the right to enter the development site to complete sediment and erosion control measures in the event that the measures are not installed and/or maintained according to the established schedule.
(B) The security required by this section shall be maintained and renewed by the applicant, and shall be held in escrow by the Chief Subdivision Engineer until the conditions set forth in this section are satisfied.
(C) After completion of construction, establishment of vegetation, removal of all sediment from stormwater facilities, and final inspection and approval by the Chief Subdivision Engineer, 100% of the sediment and erosion control security shall be released.
(Ord. 10-164, passed 6-17-2010)