Sec. 25-31. Financial Guarantee

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Chapter 25. Construction Site Erosion Control

(1) ESTABLISHMENT OF THE GUARANTEE. The Director of Public Works or his designee may require the submittal of a financial guarantee, the form and type of which shall be acceptable to the City Attorney. The financial guarantee shall be in an amount determined by the Director of Public Works or his designee to be the estimated cost of construction and the estimated cost of maintenance of the BMPs during the period which the designated party in the maintenance agreement has maintenance responsibility. The financial guarantee shall give the Director of Public Works or his designee the authorization to use the funds to complete the BMPs if the responsible party defaults or does not properly implement the approved storm water management plan, upon written notice to the responsible party by the Director of Public Works or his designee that the requirements of this ordinance have not been met.

(2) CONDITIONS FOR RELEASE. Conditions for the release of the financial guarantee are as follows:

(a) The Director of Public Works or his designee shall release the portion of the financial guarantee established under this section, less any costs incurred by the City of Marshfield to complete installation of BMPs, upon submission of "as built plans" by a licensed professional engineer. The Director of Public Works or his designee may make provisions for a partial pro-rata release of the financial guarantee based on the completion of various development stages.
(b) The Director of Public Works or his designee shall release the portion of the financial guarantee established under this section to assure maintenance of BMPs, less any costs incurred by the City of Marshfield, at such time that the responsibility for practice maintenance is passed on to another entity via an approved maintenance agreement.

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