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7.1 Maintaining the Financial Security. If at anytime during the course of the work this <br />amount falls below 50% of the required deposit, the applicant shall make another deposit in the <br />amount necessary to restore the deposit to the required amount within (3 days. <br />Otherwise the city may: <br />A.) Withhold the scheduling of inspections and /or the issuance of a Certificate of <br />Occupancy. <br />B.) Revolve any permit issued by the city to the applicant for the site in question and any <br />other of the applicant's sites within the city's jurisdiction. <br />7.2 Proportional Reduction of the Financial Security. When more than one -third of the <br />applicant's maximum exposed soil area achieves final stabilization, the city can reduce the total <br />required amount of the financial security by one - third, if recommended by the city engineer. <br />When more than two - thirds of the applicant's maximum exposed soil area achieves final <br />stabilization, the city can reduce the total required amount of the financial security to two - thirds <br />of the initial amount, if recommended by the city engineer. <br />7.3 Action Against the Financial Security. The city may act against the financial security if <br />any of the conditions listed below exist. The city shall use funds from this security to finance <br />any corrective or remedial work undertaken by the city or a contractor under contract to the city <br />and to reimburse the city for all direct cost incurred in the process of remedial work including, <br />but not limited to, staff time and attorney's fees. <br />A.) The applicant ceases land disturbing activities and /or filling and abandons the work <br />site prior to completion of the grading plan. <br />B.) The applicant fails to conform to any city approved grading plan and /or the storm water <br />pollution control plan as approved by the city, or related supplementary instructions. <br />C.) The techniques utilized under the storm water pollution control plan fail within one <br />year of installation. <br />D.) The applicant fails to reimburse the city for corrective action taken under Section 8. <br />E.) Emergency action under either part 7.4 or any part of Section 8. <br />7.4 Emergency Action. If circumstances exist such that noncompliance with this ordinance <br />poses an immediate danger to the public health, safety and welfare, as determined by the city <br />engineer, the city may take emergency preventative action. The city shall also take every <br />reasonable action possible to contact and direct the applicant to take any necessary action. Any <br />cost to the city may be recovered from the applicant's financial security. <br />7.4 Returning the Financial Security. Any unspent amount of the financial security deposited <br />with the city for faithful performance of the storm water pollution control plan and any storm <br />