Section 7-11-20 Financial Security
A financial guarantee shall be required by the Community Development Director or representative if it is determined that:
A. A hazardous situation is likely to occur as a result of incomplete or improper grading; or
B. Adverse effect is likely to occur to the subject property, or an existing or proposed structure thereon, as a result of incomplete or improper grading; or
C. Significant drainage, erosion, flooding, or siltation problems may exist as a result of incomplete or improper grading; or
D. Adverse geological or environmental impacts may occur as a result of incomplete or improper grading; or
E. A financial guarantee is necessary to assure the satisfactory completion of the grading. Assurance shall be either an amount in cash or a letter of credit equal to the amount of the cost of work. Any alternative form of assurance must be approved by Town Council prior to issuance of permit. [Resolution #1509, 2015; Ordinance #371, 2015; prior code § 7-11-20.]