<div class="chunk-title">Sec. 30-120. - Posting of financial security required.</div>
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            <p class="incr0">
               (a)
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            <p class="content1">
               All new stormwater control structures shall be conditioned on the posting of adequate
               financial assurance for the purpose of maintenance, repairs or reconstruction necessary
               for adequate performance of the stormwater control structures.
               </p>
            		
            <p class="incr0">
               (b)
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               Financial assurance shall be in the form of the following:
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            <p class="incr1">
               (1)
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            <p class="content2">
               Security performance bond or other security. The permit applicant shall obtain either
               a performance bond from a surety bonding company authorized to do business in the
               state, an irrevocable letter of credit or other instrument readily convertible into
               cash at face value payable to the county or placed in escrow with a financial institution
               designated as an official depository of the county. The bond or other instrument shall
               be in an amount equal to 1.25 times the total cost of the stormwater control structure,
               as estimated by the applicant and approved by the planning board. The total cost of
               the stormwater control structure shall include the value of all materials such as
               piping and other structures; seeding and soil stabilization; design and engineering;
               and grading, excavation, fill, etc. The costs shall not be prorated as part of a larger
               project, but rather under the assumption of an independent mobilization.
               </p>
            		
            <p class="incr1">
               (2)
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            <p class="content2">
               Cash or equivalent security deposited after the release of the performance bond. Consistent
               with <a href="" data-chunk-id="COOR_CH30EN_ARTIIWAPR_DIV4STCO_S30-123INREPEBO" class="section-link" data-product-id="13953">section 30-123</a>(c)(1), the permit applicant shall deposit with the county either cash or other instrument
               approved by the planning board that is readily convertible into cash at face value.
               The cash or security shall be in an amount equal to 15 percent of the total cost of
               the stormwater control structure or the cost of maintaining the stormwater control
               structure over a ten-year period, whichever is greater. The estimated cost of maintaining
               the stormwater control structure shall be consistent with the approved operation and
               maintenance plan or manual provided by the developer under <a href="" data-chunk-id="COOR_CH30EN_ARTIIWAPR_DIV4STCO_S30-123INREPEBO" class="section-link" data-product-id="13953">section 30-123</a>(a). The amount shall be computed by estimating the maintenance cost for 25 years
               and multiplying this amount by two-fifths or 0.4.
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            <p class="incr0">
               (c)
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            <p class="content1">
               Consistent with <a href="" data-chunk-id="COOR_CH30EN_ARTIIWAPR_DIV2DERE_S30-63DEPE" class="section-link" data-product-id="13953">section 30-63</a>, the permit applicant shall enter into a binding operation and maintenance agreement
               between the planning board and all interests in the development. Said agreement shall
               require the owning entity to maintain, repair and, if necessary, reconstruct the stormwater
               control structure in accordance with the operation and management plan or manual provided
               by the developer. The operation and maintenance agreement shall be signed by the county
               manager and filed with the county register of deeds by the planning board.
               </p>
            		
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               (d)
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               Upon default of the permit applicant to complete the stormwater control structure
               as spelled out in the performance bond or other security, the board may obtain and
               use all or any portion of the funds necessary to complete the improvements based on
               an engineering estimate. The board shall return any funds not spent in completing
               the improvements to the owning entity.
               </p>
            		
            <p class="incr0">
               (e)
               </p>
            		
            <p class="content1">
               Upon default of the owning entity to maintain, repair and, if necessary, reconstruct
               the stormwater control structure in accordance with the operation and maintenance
               agreement, the board shall obtain and use all or any portion of the cash security
               to make necessary improvements based on an engineering estimate. Such expenditure
               of funds shall only be made after exhausting all other reasonable remedies seeking
               the owning entity to comply with the terms and conditions of the operation and maintenance
               agreement. The board shall not return any of the deposited cash funds.
               </p>
            		
            <p class="historynote0">
               (Ord. of 8-21-2001, Â§ 502)
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