The Department of Public Works shall require from the developer
a surety or cash bond, irrevocable letter of credit, or other means
of security acceptable to the Department of Public Works prior to
the issuance of any building and/or grading permit for the construction
of a development requiring stormwater management. The amount of the
security shall not be less than the total estimated construction cost
of all stormwater management facilities. The bond required in this
section shall include provisions relative to forfeiture for failure
to complete work specified in the approved stormwater management plan,
compliance with all of the provisions of this chapter and other applicable
laws and regulations, and any time limitations. The bond shall not
be fully released without a final inspection of the completed work
by the Department of Public Works, submission of as-built plans, and
certification of completion by the Department of Public Works that
all stormwater management facilities comply with the approved plan
and the provisions of this chapter. A procedure may be used to release
parts of the bond held by the Department of Public Works after various
stages of construction have been completed and accepted by the Department
of Public Works. The procedures used for partially releasing performance
bonds must be specified by the Department of Public Works in writing
prior to stormwater management plan approval.
