30.84.020 Security devices – general provisions.
(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; or
(d) Other form of security device as may be specifically approved by the director of finance.
(2) All security devices shall provide for:
(a) Forfeiture to the county and the right for the county to withdraw funds upon failure of the permittee to construct any or all of the improvements in accordance with the approved plans, specifications, permit or approval requirements or conditions, and time limits.
(b) The county’s interest in any security device required pursuant to this chapter to be assignable, without obtaining a re-issuance of the security device, to an annexing municipality in the event the real property covered by the security device is annexed prior to either completion of the work secured by a performance security or final acceptance and release of the security device for that work covered by a maintenance or performance monitoring security.
(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.
(4) In the event a development completes improvements to existing right-of-way pursuant to a title 13 SCC permit or future right-of-way and drainage facilities pursuant to a title 30 SCC permit, the maintenance securities required in accordance with SCC 13.10.108(1) and 30.84.120 shall be combined into one maintenance security with the same start and end date.
(5) The combined maintenance security may be divided into separate securities for right-of-way and drainage if special circumstances exist and approval is granted by both the director and the county engineer.
(6) When a security device is required or offered by a permittee for a development under this chapter, the property owner shall grant to the county a construction easement allowing the county to enter upon the property to complete the work guaranteed by the security device in the event such work is not completed as required. The easement shall be on a form provided by the county and shall be recorded with the county auditor before any permits may be issued for the development. (Added by Amended Ord. 10-086, Oct. 20, 2010, Eff date Nov. 4, 2010; Amended by Ord. 18-018, Mar. 28, 2018, Eff date Apr. 9, 2018).