A.
The Department of Public Works shall require from the developer a
surety or cash bond, irrevocable letter of credit, or performance
bond prior to the issuance of any grading permit for the construction
of a development requiring a stormwater management facility. The amount
of the security shall not be less than the total estimated construction
cost of the stormwater management facility, site grading, structures
necessary to convey runoff to the stormwater facility and the estimated
construction cost of all erosion and sediment control best management
practices (including temporary and permanent stabilization). 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.
B.
The bond shall not be fully released without a final inspection of
the completed work by the Department of Public Works, submission and
approval of "as-built" plans and related documentation (as required
by the Department of Public Works' stormwater management as-built
checklist), and certification of completion by the Department of Public
Works that the stormwater management facilities comply with the approved
plan and the provisions of this chapter. Upon completion of the stormwater
management facilities, the owner/developer may submit a written request
along with the required reports and certifications for a partial release
of the stormwater management bond. After review and approval, the
Department of Public Works may release a portion of the bond, but
in no case will the partial release exceed 20% of the original bond
amount. The remaining 8% will be released upon completion of the project
and the review and approval of the stormwater management as-built
plans.
