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9.27.18 Modification of Plan. An approved storm water pollution control plan may be <br />modified on submission ora written application for modification to the city, and after written <br />approval by the city engineer. In reviewing such an application, the city engineer may require <br />additional reports and data. <br /> <br />9.27.19 Records Retention. The city shall retain the written records of such modifications for at <br />least five (5) years. <br /> <br />9.27.20 Financial Securities. The applicant shall provide security for the performance of the <br />work described and delineated on the approved grading plan involving the storm water pollution <br />control plan and any storm water and pollution control plan related remedial work in an amount <br />of $3,000 per gross acre or $1,000 for each single or twin family home, whichever is greater. <br />This security must be available prior to commencing the project. The form of the securities must <br />be: <br /> A. The f'cst $500 (in U.S. currency) or fifteen percent (15%), whichever is <br /> greater, of this financial security must be by cash deposit to the city. <br /> <br />Deposit, either with the city, a responsible escrow agent, or trust company, at <br />the option of the city, money, an irrevocable letter of credit, negotiable <br />bonds of the kind approved for securing deposits of public money or other <br />instruments of credit from one or more f'mancial institutions, subject to <br />regulation by the state and federal government wherein said financial <br />institution pledges that the funds are on deposit and guaranteed for payment. <br />The type of security must be ora type acceptable by the city. <br /> <br />The city may request a greater financial security, if the city considers that the <br />development site is especially prone to erosion or the resource to be <br />protected is especially val.uable. <br /> <br />Maintaining the Financial Security. If at anytime during the course of the <br />work this amount falls below 50% of the required deposit, the developer <br />shall make another deposit in the amount necessary to restore the deposit to <br />the required amount. <br /> <br />If the developer does not bring the financial security back up to the required <br />amount within seven (7) days after notification by the city that the amount <br />has fallen below 50% of the required amount the, city may: <br /> <br />1 .) Withhold the scheduling of inspections and/or the issuance of a <br /> Certificate of Occupancy. <br /> <br />2.) Revoke any permit issued by the city to the applicant for the site in <br /> question and any other of the applicant's sites within the city's <br /> jurisdiction. <br /> <br />Draft StormWater Ordinance <br /> <br />Page 16 of 20 <br />January 20, 2006 101 <br /> <br /> <br />