§ 18-355. Security.

(a)

Prior to issuance of the grading and erosion control permit, the applicant shall provide security in an amount estimated by the director to be the cost for stabilizing the activity site if the site is abandoned or work is stopped during the performance of the activity described in the permit. The security shall be one of the following, subject to the approval of the director:

(1)

A bond by one or more duly authorized corporate sureties.

(2)

A deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of money or negotiable bonds of the kind approved for securing deposits of public moneys.

(3)

An instrument of credit from an agency of the state, federal or local government when an agency of the state, federal, or local government provides at least 20 percent of the financing for the project, or from one or more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary are on deposit and guaranteed for payment, or a letter of credit by such financial institution.

(b)

The security shall be released to the permittee upon either:

(1)

Issuance of a certificate of completion, provided no administrative or legal action against such security has been commenced prior to that date and the permittee has complied with section 18-366; or

(2)

Voluntary relinquishment of the permit by the holder thereof to the city, provided no administrative or legal action against such security has been commenced prior to that date and the permittee has complied with section 18-365.

(Ord. No. 99-11, § 3(16A.52.150), 6-16-1999)