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123 <br /> 6.23.7 OPERATION AND MAINTENANCE OF DETENTION PONDS <br /> a) Posting of Financial Security <br /> All stormwater control structures shall be conditioned on the posting of adequate financial <br /> assurance for the purpose of maintenance, repairs or reconstruction necessary for <br /> adequate performance. Financial assurance shall be in the form of one of the following: <br /> 1. Security Performance Bond or Other Security <br /> The permit applicant shall obtain either a performance bond from a surety <br /> bonding company authorized to do business in North Carolina, an irrevocable <br /> letter of credit or other instrument readily convertible into cash at face value <br /> payable to Orange County or placed in escrow with a financial institution <br /> designated as an official depository of Orange County. The bond or other <br /> instrument shall be in an amount equal to 1.25 times the total cost of the <br /> stormwater control structure, as estimated by the applicant and approved by the <br /> County Engineer. The total cost of the stormwater control structure shall include <br /> the value of all materials such as piping and other structures; seeding and soil <br /> stabilization; design and engineering; and, grading, excavation, fill, etc. The <br /> costs shall not be prorated as part of a larger project, but rather under the <br /> assumption of an independent mobilization. <br /> Upon default of the permit applicant to complete and/or maintain the stormwater <br /> control.structure as spelled out in the performance bond or other security, the <br /> County may obtain and use all or any portion of the funds necessary to complete <br /> the improvements based on an engineering estimate. The Board shall return any <br /> funds not spent in completing the improvements to the owning entity. <br /> 2. Cash or Equivalent Security Deposited After Release of the Performance Bond <br /> Consistent with Section IA, the permit applicant shall deposit with Orange <br /> County either cash or other instrument approved by the County Attorney that is <br /> readily convertible into cash at face value. The cash or security shall be in an <br /> amount equal to fifteen (15) percent of the total cost of the stormwater control <br /> structure or the estimated cost of maintaining the stormwater control structure <br /> over a ten (10) year period, whichever is greater. The estimated cost of <br /> maintaining the stormwater structure shall be consistent with the approved <br /> operation and maintenance plan or manual provided by the developer under <br /> Section IIA. The amount shall be computed by estimating the maintenance cost <br /> for twenty-five (25) years and multiplying this amount by two-fifths or 0.4. <br /> Upon default of the owning entity to maintain, repair and, if necessary, <br /> reconstruct the stormwater control structure in accordance with the Operation and <br /> Maintenance Agreement, the County shall obtain and use all or any portion of <br /> the cash security to make necessary improvements based on an engineering <br /> estimate. Such expenditures of funds shall only be made after exhausting all <br /> other reasonable remedies seeking the owning entity to comply with the terms <br /> 7 <br />