The Federalsburg Mayor and Council shall require from the developer
a surety, cash bond or irrevocable letter of credit, 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 Enforcement Authority, submission of "record" plans, and certification
of completion by the Enforcement Authority 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 Town of Federalsburg after various stages of construction have
been completed and accepted by the Enforcement Authority and approved
by the Town. The procedures used for partially releasing performance
bonds must be specified by the Town in writing prior to stormwater
management plan approval.
