1. The City shall require financial securities from the applicant in an amount sufficient to cover the entirety of the estimated costs of permitted and remedial work based on the final design as established in a set finance security schedule determined by the City.
2. Financial securities shall not be released until all permitted and remedial work is completed.
3. Financial securities may be used by the City to complete work not completed by the applicant.
4. The form of the financial securities shall be one or a combination of the following to be determined by the City:
A. Cash Deposit. The first $5,000 of the financial security for erosion and sediment control shall be by cash deposit to the City. The cash will be held by the City in a separate account.
B. Securing Deposit. Deposit, either with the City, a responsible escrow agent, or trust company and, at the option of the City, either:
(1) An irrevocable letter of credit or 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 State and federal government wherein said financial institution pledges funds are on deposit and guaranteed for payment;
(2) Cash in U.S. currency; or
(3) Other forms of securities (e.g., disbursing agreement) as approved by the City.
5. The security shall save the City free and harmless from all suits or claims for damages resulting from the negligent grading removal, placement or storage of rock, sand, gravel, soil, or other like material within the City.
6. If at any time during the course of the work the amount falls below 50% of the required deposit, the applicant shall make another deposit in the amount necessary to restore the cash deposit to the required amount. If the applicant does not bring the financial security back up the to the required amount within seven (7) 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 or any other of the applicant’s sites within the City's jurisdiction.
7. The City may access financial security for remediation actions if any of the conditions listed below exist. The City shall use the security to finance remedial work undertaken by the City, or a private contractor under contract to the City, to reimburse the City for all direct costs incurred in the process of remedial work, including (but not limited to) staff time and attorney’s fees.
A. Abandonment. The applicant ceases land disturbing activities and/or filling and abandons the work site prior to completion of the grading plan.
B. Failure to Implement the SWPPP or ESC Plan. The applicant fails to conform to the grading plan and/or the SWPPP as approved by the City.
C. Failure to Perform. The techniques utilized under the SWPPP or ESC Plan fail within one year of installation.
D. Failure to Reimburse the City. The applicant fails to reimburse the City for corrective action taken.
8. When more than one-third of the applicant’s maximum exposed soil area achieves final stabilization, the City can reduce the total required amount of the financial security by one-third. When more than two-thirds of the applicant’s maximum exposed soil area achieves final stabilization, the City can reduce the total required amount of the financial security to two-thirds of the initial amount. This reduction in financial security will be determined by the City.
9. The security deposited with the City for faithful performance of the SWPPP or ESC Plan and any related remedial work shall be released one full year after the completion of the installation of all storm water pollution control measures as shown on the SWPPP or ESC Plan.