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(a) Purpose. P&D may require the applicant to submit a financial assurance to ensure compliance with the approved erosion control plans, stormwater management plans, other stormwater permit requirements, and as-built submittals unless the Town in which the subject lands are located has required a financial assurance to ensure compliance with the same requirements.

(b) Type and Authority. P&D shall determine the acceptable type and form of financial assurance, which may include cash, or a bond or accept an irrevocable letter of credit only from an approved financial institution with Kenosha County, Wisconsin named as the beneficiary and upon written notice to the permit holder, be authorized to use the funds to complete activities required in the approved plans or this ordinance if the permit holder or other responsible party defaults or does not properly implement the requirements. (8/7/18)

(c) Amount. The amount of the financial assurance shall be 125% of the estimated cost of construction, maintenance, and inspection based upon the approved erosion control and storm water management plans.

(d) Time. The agreement between the owner and financial institution shall be in place prior to the start of the preconstruction meeting required as part of Section 17.08-1(d). P&D shall require an original document sent directly from the financial institution.

(e) Exemption. Publicly funded land disturbing or land development activities shall be exempt from providing a financial assurance.

(f) Security. P&D shall provide the permit holder or other responsible party a written statement outlining the purpose of the financial assurance, the applicable amount and type received and all of the conditions for release.

(g) Conditions for Release. P&D shall release the financial assurance, and issue a termination letter in accordance with Section 17.08-2(e) only after determining full compliance with the permit and this ordinance, including the following:

1. Accepting an “as-built” survey pursuant to Section 17.08-4(a),

2. Accepting verification of construction and plantings pursuant to Section 17.08-4(b);

3. Completing a satisfactory final inspection pursuant to Section 17.08-5;

4. Receiving an executed copy of the recorded maintenance agreement pursuant to Section II.E. of this ordinance.

(h) Partial Releases. The permit holder may apply for a partial release of the financial assurance based on the completion or partial completion of various construction components or satisfaction of individual requirements noted above.

(i) Amounts Withheld. P&D shall withhold or be allowed to draw upon the financial assurance amount for any costs incurred by P&D to complete installation or maintenance of best management practices through enforcement action or prior to the transfer of maintenance responsibilities through an approved maintenance agreement, or other unpaid fees or costs incurred by P&D associated with the enforcement of this ordinance.

(j) Other Financial Assurances. The financial assurance provisions of this ordinance are intended to provide a fund that ensures all approved erosion control and stormwater management requirements are met. Any arrangements made to share financial assurances with the Town, in which the project is located, shall be in an amount equal to 125% of the estimated costs associated with the requirements under this ordinance. As part of the financial arrangement, P&D shall require that it be notified in advance of any release or reduction in the amount of such financial assurances by the Town. [Code § 17.08-3.]