The Commissioners of Ridgely shall require from the developer a surety
or cash bond, irrevocable letter of credit, or other means of security acceptable
to the Commissioners of Ridgely prior to the issuance of any building and/or
grading permit for the construction of a development requiring a stormwater
management facility. The amount of the security shall not be less than 125%
of the total estimated construction cost of the stormwater management facility.
The bond required in this section shall include provisions relative to forfeiture
for failure to complete work specified in the approved stormwater management
plan, compliance with all of the provisions of this chapter, and other applicable
laws and regulations, and any time limitations. The bond shall not be fully
released without a final inspection of the completed work by the Town Engineer,
submission of "as-built" plans, and certification of completion by the Town
Engineer that the stormwater management facilities comply with the approved
plan and the provisions of this chapter. A procedure may be used to release
parts of the bond held by the Town Engineer after various stages of construction
have been completed and accepted by the Town Engineer. The procedures used
for partially releasing performance bonds must be specified by the Town Engineer
in writing prior to stormwater management plan approval.
