§ 15.05.040. Financial guarantee required.

A.

The proponent shall provide a financial guarantee to the administrator to insure that:

1.

The project will operate according to the design approved by the project engineer; and

2.

Operation of erosion control facilities will provide protection against siltation of surface water, erosion, and damage to adjacent properties.

B.

The proponent shall provide a financial guarantee to the administrator to insure satisfactory maintenance of drainage facilities for a minimum two-year period from final plat approval or acceptance of the project, whichever is later, in accordance with the maintenance plan submitted as part of the drainage and erosion control plan. The county may require an extension of this period if the administrator determines that there have been sufficient maintenance problems to warrant such an extension. The amount of the guarantee shall be twenty-five percent of the construction cost of the drainage facilities. The proponent shall submit an itemized work sheet for the cost of facilities which shall be approved by the administrator before the financial guarantee amount is fixed.

C.

With the permission of the administrator, and to the extent allowed by law, all project guarantees may be replaced by a single guarantee provided that the total amount guaranteed shall at no time be less than the sum of the separate guarantees replaced. Furthermore, such guarantees shall on their face clearly delineate those separate guarantees which they are intended to replace.

D.

The form of financial guarantees may be as follows:

1.

Cash deposit escrow account as approved by the county;

2.

Assignment of interest in a bank account approved by the county;

3.

Irrevocable letter of credit from a financial institution approved by the county;

4.

Bond as approved by the county.

E.

All financial guarantees shall run continuously until released by the county.

(Ord. 12305 § 6, 2000: Ord. 9859 § 4, 1991)