Prior
to issuance of a permit for construction of a stormwater facility,
a letter of credit, cash deposit or a maintenance bond shall be provided
to the City to ensure all regular maintenance and repairs to the stormwater
facility is undertaken while the maintenance surety is in effect including,
but not limited to, repairs necessary due to damage caused by intentional
or unintentional acts of others. The maintenance surety shall be in
the amount of fifty percent (50%) of the construction cost of the
stormwater facility and can be utilized for any maintenance or rehabilitation
costs associated with the stormwater facility deemed necessary by
the City including, but not limited to, removal of siltation, mowing,
replacement of vegetation, piping repairs, replacement of underdrains,
other repairs to the facility, and any administrative or engineering
costs associated with such maintenance and repairs. Maintenance sureties
shall conform with the following:
1.
If the
maintenance surety is in the form of a maintenance bond, it shall
remain in effect for a period of three (3) years following completion
of the stormwater facility.
2.
If the
maintenance surety is in the form of a letter of credit, the property
owner, contractor or developer shall deposit with the City an irrevocable
letter of credit from an acceptable financial institution payable
to the City, collectable no later than three (3) years from the date
of completion of the stormwater facility.
3.
If the
maintenance surety is in the form of cash, the funds shall be deposited
with the City. All remaining funds and any interest accrued thereon
shall be returned to the applicant no later than three (3) years after
the date of completion of the stormwater facility.
