(A) A development security shall be posted and shall include:
(1) A schedule, agreed upon by the developer and the Director or the Administrator, for the completion of the construction of any stormwater facilities required by the permit;
(2) An irrevocable letter of credit, or other adequate security as the Director or the Administrator may approve, in an amount equal to not less than 110% of the estimated probable cost to complete the construction of any stormwater facilities required by the stormwater management permit, which estimated probable cost shall be prepared by a registered professional engineer and shall be approved by the Director or the Administrator. A corporations 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 thus is not required to post a letter of credit for projects that are not required to be located in public easements;
(3) A statement signed by the applicant granting the Director or the Administrator the right to draw on the security and the right to enter the development site to complete required work in the event that work is not completed according to the work schedule; and
(4) A statement signed by the applicant that the applicant shall indemnify the community and the Department for any additional costs incurred attributable to the concurrent activities of or conflicts between the applicant’s contractor and the community or Department’s remedial contractor at the site.
(B) The security required by this section shall be maintained and renewed by the applicant, and shall be held in escrow by the Director or the Administrator until the conditions set forth in this section or other applicable provisions are satisfied.
(C) The Administrator may approve periodic reductions in the letter of credit based on progress of construction. However, not more than 90% of the security provided for in this section may be released prior to approval of record drawings and final inspection. A minimum of 10% of the security shall be retained for a period of time not to exceed one year after completion of construction of all stormwater facilities required by the permit.
(Res. 02-441, passed 10-17-2002; Res. 02-495, passed 11-21-2002; Res. 04-87, passed 3-17-2004)