[Ord. No. 75 12-19-2006; amended 5-17-2011; amended 11-16-2021 §33]
In addition to the bond requirements stated herein, if there are improvements, then the developer shall obtain standard comprehensive liability insurance, in the principal sum of at least $1,000,000 per occurrence and $2,000,000 aggregate. The insurance shall be executed by a reliable insurer licensed to do business in the state, as surety, and with applicant as principal, all persons concerned and shall provide:
A. That the developer will comply with every applicable federal and state law, rule, regulation, standard or directive relating to the maintenance of the safe and beneficial physical, chemical and biological properties of any natural resources of the town.
B. That the developer shall pay all fines, penalties, assessments or judgment resulting directly or incidentally from the developer's activities and which result in pollution of town waters;
C. Developer shall file with the town certificates of said insurance as above stated and shall provide the actual insurance policy promptly upon request.
D. Other forms may be utilized by the developer as a substitution for the bonds described above, provided that the town board of trustees approves the substitution. Such substitutions include, but are not limited to the following: a certificate of deposit in the name of the Town of Slaughterville, acceptable corporate surety bond, cash, irrevocable letter of credit drawn on a banking institution qualified to do business in the State of Oklahoma, or any other form deemed adequate by the board of trustees to fully compensate the town;
E. Said insurance policy or policies shall provide that it will not be cancelled without written notice to the town at least 20 days prior to the effective date of such cancellation. In the event said policy or policies are cancelled, the permit granted shall immediately thereupon terminate, and developer's rights to operation under said permit shall cease until developer files additional insurance as provided herein.