HomeMy WebLinkAboutC.054.93011_0873repairs, or reconstruction said deviees necessary for adequate performance of the stormwater control
structures.
B. Financial assurance shall be in the form of the following:
Security Performance Bond or other security.
The_2trmit applicant bas
Bested shall obtain either a performance bond from a surety4)end-bonding company authorized
to do business in North Carolina, an irrevocable letter of credit or other instrument readily
convertible into cash, ef equivalePA seeuriat face value payable to Iredeil County or placed in
escrow with a financial institution designated as an official depository of Iredell County. The
bond or other instrument shall be in an amount not less equal to 1.25 times the total cost of
eenswueting-the neeessary- stormwater control structure as estimated by the applicant and
approved by the Board of Commissioners.
The total cost
of the stormwater control structure shall include the value of all materials such as piping and other
structures; seeding and soil stabilization; design and engineering; and grading, excavation, fill, etc.
The cost shall not be prorated as part of a larger project, but rather as an individual Pfejeet under the
assumption of an independent mobilization.
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3. Cash or Equivalent Security Deposited After the Release of the Performance Bond. Faeeto said
fieletz-hewever-Consistent with Section 707 (C)(I), the rmit applicant shall be required to
deposit with the County either cash or similar -other instrument approved by the Board of
Commissioners that is readily convertible into cash at face value. The cash or security shall be
in an amount equal to fifteen percent (15%) of the total eensaactien cost (as defined in Seetion
° f the stormwater control structure or the estimated
cost of maintainin said the stormwater control structure over a twenty
(249) ten 10 ear period, whichever is greater. The estimated cost of maintaining the stormwater
control structure shall be consistent with the approved operation and maintenance plan or manual
provided by the appliesnt developer as eutlined in under Section 387 (£) 705(A). The amount
shall be computed by estimating_ the maintenance cost for twentv-five (25) vears and
multiplying this amount by two fifths or OA.
C. Consistent with Section 702,
by the BOaFd of CommissioneFS shall be pFedieated on the develepeF and the County the
permit applicant shall entering -into a the binding Operation and Maintenance Nan
Agreement between the Board of Commissioners and all interests in the development. Said
Was Agreement shall require the owning entity of said str-HefaFe(s) to maintain, repair,
and if necessary, reconstruct said—sztwetuFefs) the stormwater control structure in
accordance with the operation management plan or manual provided by the developer to
the County. Said Plan The Operation and Maintenance Agreement must be appFeved-by
the BoaFd of CommissioneFS prioF to OF in eenjunetion with SPPFO;'al of the high dells:
OP6011 for- Said pFojeet shall be filed with Iredell County Register of Deeds by the Board of
Commissioners.
D. Default under the performance bond or other security. Upon default of theep rmit
applicant to complete and/or maintain the stormwater control structure as spelled out in the -surety
Performance bond or other equivalent security, the Board of Commissioners may obtain and use all or any
portion of the funds necessary to complete the improvements based on astual eenstFuetien costs an
engineering estimate. The Board of Commissioners shall return any funds not spent in completing the
improvements to the owning entity.
E. Default under the cash security. Upon default of the owning entity to maintain, repair
and, if necessary, reconstruct the stormwater control structure in accordance with the appreved Operation and
Maintenance Itlan Agreement, the Board of Commissioners shall obtain and use all or any portion of the cash
security to make necessary improvements based o
an engineering estimate. Such expenditure of funds shall
only be made after exhausting all other reasonable remedies seeking the owninp entity to comply with
the terms and conditions of the Operation and Maintenance A reement. The Board shall not return any
deposited cash funds.
Section 705. Maintenance and Upkeep
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