A. Guarantee Required. Prior to issuance of a permit, the applicant will be required to submit a final guarantee to the city to assure compliance with the provisions of this chapter, the permit and approved plans. Improvements and facilities that must be guaranteed by the applicant are, but not limited to, temporary and permanent erosion and sedimentation control work, drainage control work and restoration work.

B. General. Financial guarantees shall be in a form acceptable to the city and will not be released by the city until all work is completed in accordance with the approved plans and conditions of the permit. All work must be completed within the time limits as noted on the permit or the approved plan for the project. If not completed, the city may use the financial guarantee to complete the work as outlined in the permit or approved plans, or complete those items of work that would safeguard adjacent or downstream property owners or may deposit the financial guarantee in a designated account as contribution toward the cost of completing the work. Collection of the financial guarantee does not relieve the applicant of the responsibility to complete the work and Algona may act as necessary to insure completion of the work.

All financial guarantees shall run continuously until released by the city and shall not be subject to an expiration or cancellation date.

An engineer’s estimate for the work to be accomplished, based on current construction costs, must be submitted to the city for review and approval. The city will establish the minimum financial guarantee at 125 percent of the estimate to allow for inflation, engineering expenses and administrative costs should the city have to complete the work. The city shall retain from the funds all costs associated with administration, collection of the funds and completion of the guaranteed work.

Work placed under a financial guarantee as required by another city ordinance need not be re-guaranteed for this chapter.

C. Release. Upon receipt of an acceptable letter of completion from the engineer, the city will release the applicable financial guarantee. (Ord. 810 § 1, 1996).