13.10.112 Security devices- form and amount.
(1) A security device shall be made on the forms as provided by the department or in a form acceptable to the director. The following general types of financial sureties may be used as security devices:
(a) Bond;
(b) Letter of credit;
(c) Assignment of funds or account;
(d) Other form of security device as may be specifically approved by the director of finance.
(2) Unless otherwise provided in this title, the security device amount shall be as follows:
(a) The amount of a performance security will be 110 percent of the total estimated cost, as determined by the engineer, of guaranteeing right-of-way restoration and/or completion of the proposed construction authorized or required by any permit under this title.
(b) The amount of the maintenance security shall be 20 percent of the actual documented in place cost of the development activities secured by the device. However, if the total cost of the development activities exceeds one million dollars the amount of the maintenance security shall be 15 percent of the total cost of the development activities.
(3) The amount of all security devices shall include an inflation factor calculated for the term of the security device together with the term of any allowed extensions. (Added by Ord. 10-087, Oct. 20, 2010, Eff date Nov. 4, 2010).