1. The City shall also require the submittal of a maintenance performance security or bond prior to issuance of a permit in order to insure that the storm water BMPs are maintained in an effective state for a minimum of 10 years.
2. This maintenance performance security or bond may be released by the City upon a showing satisfactory to the City that:
A. The permit holder has assigned to another bona fide, financially responsible legal entity, such as a homeowners’ or similar organization organized under Iowa law, responsibility for maintenance of the storm water BMPs in an effective state for the balance of the 10-year period after assignment; and
B. Said assignee has fully accepted such responsibility in a written document that qualifies for recording and has been recorded in the County Recorder’s office under Iowa law; and
C. Said assignee posts a substitute maintenance performance security or bond subject to release at the end of the initial 10-year period upon a further showing by the assignee that the storm water BMPs are, in the City’s sole judgment, still reasonably effective.
3. This maintenance performance security or bond shall inure only to the benefit of the City to ensure the proper maintenance of the storm water BMPs.
4. This maintenance and performance security or bond may be issued on an annual basis, provided that there is no lapse in coverage.
5. The maintenance performance security bond amount shall be for 25% of the total cost of the overall permitted project unless otherwise specified by the City.