§ 7-163. Same—Security deposits.
(a)
A security deposit is required for all excavation permits. The security deposit shall guarantee performance of all measures necessary to restore and/or reclaim the property as called for in section 7-167 of this Code.
(b)
The director of public works shall establish the amount of the security deposit within thirty (30) days after the application for the permit has been made.
(1)
In the event that the director of public works should fail to establish the amount of the deposit within thirty (30) days after the application for the permit has been made, the amount of the deposit shall be established at twenty thousand dollars ($20,000.00) for each acre of land or thereof upon which excavation is to be made. The security deposit called for in this section may take the form of a bond, cash escrow, letter of credit, deed of trust, or any other type of security acceptable to the director of public works. The applicant may appeal the amount of the security deposit to the zoning board of adjustments and appeals if the applicant appeals within ten (10) days from the date he is informed of the director of public works' decision regarding the amount of the security deposit. No appeal may be taken regarding the director of public works' acceptance or refusal of the type of security offered; or
(2)
If the mining pennit is based on a project with an approved Corps of Engineers Section 404 Permit and an accompanying mitigation plan, the amount of deposit shall be established, based upon the annual closure plan, submitted by the permitee and as approved by the director of public works. The initial deposit will be based upon an estimated construction cost to provide closure for the anticipated first year excavation and shall be approved by the director of public works. The amount of the deposit will be reviewed annually with the annual closure plan and adjusted, based on the approved estimate of construction cost for the closure plan.
(c)
In the event that the applicant fails or refuses to restore and/or reclaim the property as required in section 7-167 of this Code, the city shall perform such restoration and/or reclamation of the property and the security deposit shall be applied to restoration and/or reclamation of the property. In the event that the restoration and/or reclamation of the property should cost less than the amount deposited as a security deposit, the city shall refund such excess funds to the applicant. In the event that the restoration and/or reclamation of the property should cost more than the amount deposited as a security deposit, the city may maintain a cause of action against the applicant to recover any and all excess costs to the city for the restoration and/or reclamation of the property.
(Code 1964, Amended, § 15.24(D); Ord. No. 4324, § 3, 2-16-88; Ord. No. 5091, § 1, 4-20-93; Ord. No. 5809, § 4, 9-2-97)