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Chapter 153 Water Resource Management Adopted 6/28/2022 <br /> Page 32 of 34 <br />of the permit and this ordinance. Any portion of the activity not in compliance shall be promptly <br />corrected. In applying for a permit, the applicant consents to the county or SWCDs entry upon the land <br />for field inspections and monitoring. <br />§ 153.74 FINANCIAL SECURITY. <br />(A)Purpose. The purpose of the financial security is to ensure installation and maintenance of erosion and <br />sediment control measures, installation of practices intended to meet stormwater requirements, <br />replacement of topsoil, and establishment of vegetation. The responsible party will provide a financial <br />security for projects requiring an Erosion and Sediment Control Permit per §153, Stormwater Permit per <br />153.11(A)(2), or Stream Crossings Permit per § 153.44. Federal, state, county, city, and township <br />governments will not be required to provide financial security. <br />(B)Form and amount. <br />(1)The responsible party shall provide security as set forth in the Carver County fee schedule for the <br />performance of the work described and delineated on the approved construction plans and any <br />related remedial work. <br />(2)The responsible party shall deposit, either with the county, a responsible escrow agent, or trust <br />company, at the option of the county, an irrevocable letter of credit, cash escrow, or other <br />assurance. The financial assurance must be in a form acceptable to the county and from a surety <br />licensed to do business in the State of Minnesota. <br />(3)The financial assurance shall be in favor of the county and conditioned upon the applicant’s <br />performance of the authorized activity in compliance with the permit and applicable laws, including <br />this Chapter, and the payment when due of any fees or other charges authorized or required by the <br />permit and this Chapter. The financial assurance shall state that in the event the conditions of the <br />financial assurance are not met, the county may make a claim against it. The county shall be <br />authorized to make a claim or draw against the security after any default by the responsible party <br />under the permit or these rules. <br />(C)Maintaining the financial security. <br />(4)If at any time during the course of the work the financial security amount falls below 50% of the <br />required deposit, the responsible party shall make another deposit in the amount necessary to <br />restore the cash deposit to the required amount. <br />(5)If the responsible party does not bring the financial security back up to the required amount within <br />seven days after notification by the county that the amount has fallen below 50% of the required <br />amount the county may take such legal action as specified in § 153.74. <br />(D)Action against the financial security. <br />(1)The county shall be authorized to make a claim or draw against the security after any default by the <br />responsible party under the permit or this chapter. <br />(2)The county may use funds from this security to finance remedial work undertaken by the county or a <br />private contractor and to reimburse the county for all costs incurred in the process of remedial work <br />including, but not limited to, staff time and attorney's fees under the following circumstances: