The City shall require from the developer a surety or cash bond,
irrevocable letter of credit, or other means of security acceptable
to the City prior to the issuance of any building and/or grading permit
for the construction of a development requiring stormwater management.
The amount of the security shall not be less than the total estimated
construction cost of all stormwater management facilities. 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 City, submission of "as-built" plans, and
certification of completion by the certifying engineer that all stormwater
management facilities comply with the approved plan and the provisions
of this section. A procedure may be used to release parts of the bond
held by the City after various stages of construction have been completed
and accepted by the City. The procedures used for partially releasing
performance bonds must be specified by the City in writing prior to
stormwater management plan approval.