The developer is required to obtain a surety, irrevocable letter
of credit, or other means of security acceptable to the Town and payable
to the appropriate party as designated by the Mayor and Council of
Galena, prior to the issuance of any building and/or grading permit
for construction of a development requiring stormwater management.
The amount of the security shall not be less than 125% of the total
estimated construction cost of all stormwater management facilities
and practices. The security so 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 the
provisions of this section and other applicable laws and regulations,
and any time limitations. The security shall not be fully released
without a final inspection of the completed work by the Town, submission
of as-built plans, and certification of completion by the Town that
all stormwater management facilities and practices as being in compliance
with the approved plan and the provisions of this chapter. A provision
may be made for partial release of the amount of the bond pro rata
upon completion and acceptance of the various stages of development
as specifically delineated, described, and scheduled on the required
plans and specifications. The provision for partial release of the
surety shall be specified by the Town, in writing, prior to stormwater
management plan approval. The developer shall notify the Town upon
completion of each stage that is ready for inspection.
