Orange County NC Website
Browse       Search
32 <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 <br /> financial assurance for the purpose of maintenance, repairs or reconstruction <br /> necessary for adequate performance. Financial assurance shall be in the form of <br /> 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 <br /> irrevocable letter of credit or other instrument readily convertible into <br /> cash at face value payable to Orange County or placed in escrow with a <br /> financial institution designated as an official depository of Orange County. <br /> The bond or other instrument shall be in an amount equal to 1.25 times <br /> the total cost of the stormwater control structure, as estimated by the <br /> applicant and approved by the County Engineer. The total cost of the <br /> stormwater control structure shall include the value of all materials such <br /> as piping and other structures; seeding and soil stabilization; design and <br /> engineering; and, grading, excavation, fill, etc. The costs shall not be <br /> prorated as part of a larger project, but rather under the assumption of an <br /> independent mobilization. <br /> Upon default of the permit applicant to complete and/or maintain the <br /> stormwater control structure as spelled out in the performance bond or <br /> other security, the County may obtain and use all or any portion of the <br /> funds necessary to complete the improvements based on an engineering <br /> estimate. The Board shall return any funds not spent in completing the <br /> improvements to the owning entity. <br /> 2,. Cash or Equivalent Security Deposited After Release of the Performance <br /> Igist <br /> Consistent with Section IA, the permit applicant shall deposit with Orange <br /> County either cash or other instrument approved by the County Attorney <br /> that is readily convertible into cash at face value. The cash or security <br /> shall be in an amount equal to fifteen (15) percent of the total cost of the <br /> stormwater control structure or the estimated cost of maintaining the <br /> stormwater control structure over a ten (10) year period, whichever is <br /> greater. The estimated cost of maintaining the stormwater structure shall <br /> be consistent with the approved operation and maintenance plan or manual <br /> provided by the developer under Section IIA. The amount shall be <br /> 9 <br />