1103.09 GUARANTEE OF MAINTENANCE.

   Pursuant to Section 1103.08, where timber harvesting activities could result in damage to public streets and highways, water lines, sanitary sewer lines or storm sewer facilities, the Deputy Director of Planning shall not issue a logging permit until the landowner or operator posts financial security with a bonding or lending institution of his choice, provided such institution is authorized to conduct business in the State of Ohio (either a Federal or State chartered lending institution). The acceptable types of financial security are as follows:

    (a)    Maintenance and repair bond with an acceptable surety, and of form satisfactory to the City;

    (b)    Certified check payable to the City; or

    (c)    Irrevocable letter of credit provided by a qualified lending institution which guarantees payment to the City should the landowner or operator fail to repair damaged facilities satisfactorily.

   Financial security in an amount approved by the City Engineer equal to one hundred percent (100%) of the cost of repairing damaged streets and highways, water lines, sanitary sewer lines or storm sewer facilities shall be posted by the landowner or operator.

(Ord. 00-175. Passed 5-22-00.)