For subdivisions and land developments, the applicant shall
provide a financial guarantee to the municipality for the timely installation
and proper construction of all stormwater management controls as:
A. Required by the approved drainage plan equal to or greater than the
full construction cost of the required controls; or
B. Provided for in the SALDO with regard to the amount and method of
payment.
It shall be unlawful to alter or remove any permanent stormwater
control and BMP required by an approved stormwater control and BMP
operations and maintenance plan or to allow the property to remain
in a condition which does not conform to an approved stormwater control
and BMP operations and maintenance plan.
For projects that are large enough to require an NPDES permit,
said owner/developer shall be required to pay a specified amount to
the Municipal Stormwater Control and BMP Operation and Maintenance
Fund to help defray costs of periodic inspections and/or maintenance
expenses. The amount of the deposit shall be determined as follows:
A. If the stormwater BMP is to be privately owned and maintained, the
deposit shall cover the cost of yearly inspections performed by the
municipality for a period of 25 years, as estimated by the Municipal
Engineer. After that period of time, inspections will be performed
at the expense of the municipality.
B. If the stormwater BMP is to be owned and maintained by the municipality,
the deposit shall cover the estimated costs for typical annual maintenance
and yearly inspections for 25 years. The Municipal Engineer will establish
the estimated costs utilizing information submitted by the applicant.
C. The amount of the deposit to the fund shall be converted to present
worth of the annual series values. The Municipal Engineer shall determine
the present worth equivalents, which shall be subject to the approval
of the governing body.