06-12-2002 Council Agenda - Laserfiche WebLink

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7.012 The remainder of the financial security shall be by placed either with the city, a responsible escrow agent, or trust company, at the option of the city, money, an irrevocable letter of credit, negotiable bonds of the kind approved for securing deposits of public money or other instruments of credit from one or more financial institutions, subject to regulation by the state and federal government wherein said financial institution pledges that the funds are on deposit and guaranteed for payment. This security shall save the city free and harmless from all suits or claims for damages resulting from the negligent grading, removal, placement or storage of rock, sand, gravel, soil or other like material within the city. The type of security must be of a type acceptable to the city. 7.013 The city may request a greater financial security, if the city considers that the development site is especially prone to erosion, or the resource to be protected is especially valuable. Alternate part 7.0 to 7.013 when a development contract is used. Part 7.2 would then not be needed. Section 7.0 Financial Securities. The total security amount in the project's development contract with the city (sanitary sewer, water main, storm sewer, street construction, monuments, street lighting, street signs, monuments, etc.) shall also provide security for the performance of work approved by the city in the storm water pollution control plan and any storm water and pollution control plan related remedial work, if the development contract's security totals three thousand dollars ($3,000) per acre for the maximum acreage of soil that will be simultaneously exposed during the project's construction. (See the definitions of "exposed soil area" and "final stabilization" for clarification.). If this security is less that the three thousand dollars ($3,000) per acre value, then it shall be increased to that at least amount. 7.011 The city may request a greater financial security, if the city considers that the development site is especially prone to erosion, or the resource to be protected is especially valuable. 7.012 The fact that the total security in the project's development contract can be drawn from to pay for the performance of the work approved by the city in the storm water pollution control plan and any storm water pollution control plan related remedial work shall be clearly stated in the developer's contract with the city. ********************************************** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * **