§ 14-337. Performance bond.

(a)

Prior to issuance of any permit, the applicant shall be required to submit to the City a reasonable performance bond with surety, a cash escrow, a letter of credit, or any combination thereof, or such other legal arrangement acceptable to the City, to ensure, if the permit is issued to the applicant, that the City could take measures at the permittee's expense if the permittee fails, after proper notice, and within the time specified by the Administrator, to initiate or maintain appropriate actions which are required of the applicant by the permit conditions, by materials submitted in support of the permit application, or otherwise by this article. If the City takes such action upon such failure by the permittee, the City also may collect from the permittee the difference between the actual, reasonable cost of the City's action and the amount of security if the actual, reasonable cost of the City's action exceeds the amount of the security held, if any. Within 60 days of the completion of the requirements of the permit conditions, such bond, cash escrow, letter of credit or other legal arrangement, or the unexpended or unobligated portion thereof, shall be refunded to the applicant or terminated.

(b)

For the purpose of establishing the portion of the bond or other security associated with erosion and sediment control obligations, the amount shall not exceed the total of the estimated cost to initiate and maintain appropriate conservation action based on the unit price for new public or private sector construction in the City and a reasonable allowance for estimated administrative costs and inflation. The allowance for estimated administrative costs and inflation shall not exceed 25 percent of the cost of the conservation action.

(c)

Within 60 days of adequate stabilization of erosion and sediment control measures, but only when at least 80 percent of the vegetation on the project or a project section is established as determined by the Administrator in any project or section of a project, the bond, cash escrow or letter of credit, or the unexpended or un-obligated portion thereof, relating to erosion and sediment control obligations for the project or project sector either shall be refunded to the permittee or terminated.

(Code 2004, § 50-416; Ord. No. 2014-116-89, § 3, 5-27-2014)

(Code 2004, § 50-416; Ord. No. 2014-116-89, § 3, 5-27-2014)