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6 <br />1'~ <br />6.23.4 OPERATION AND MAINTENANCE OF STRUCTURAL SMPs (DETENTION PONDS) <br />a) Posting of Financial Security <br />All stormwater conttol structures shall be conditioned on the posting of adequate financial.' <br />assurance for the purpose of maintenance, repairs or reconstruction necessary for adequate ~~ <br />performance. Financial assurance shall be in the form of one of the following: <br />1. Securi Performance Bond or Other Securi <br />The permit applicant shall obtain either a performance bond from a surety bonding IC <br />company authorized to do business in North Carolina, an irrevocable letter of credit or other <br />instrument readily convertible into cash at face value payable to Orange County or placed in <br />escrow with a 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 the total cost of the <br />stormwater control structure, as estimated by the applicant and approved by the County <br />Engineer. The total cost of the stormwater control structure shall include the value of all <br />materials such as piping and other structures; seeding and soil stabilization; design and <br />engineering; and, grading, excavation, fill, etc. The costs of the stormwater control <br />structure shall not be prorated as part of a larger project, but shall be costed as a separate ~ <br />project. <br />Upon default of the permit applicant to complete and/or maintain the stormwater control ~; <br />structure as spelled out in the performance bond or other security, the County may obtain '~ <br />and use all or any portion of the funds necessary to complete the improvements based on an <br />engineering estimate. The Board shall return any funds not spent in completing the <br />improvements to the owning entity. <br />2. Cash or E uivalent Securi De osited After Release of the Performance Bond <br />The pemrit applicant shall deposit with Orange County either cash or other instrument <br />approved by the County Attorney that is readily convertible into cash at face value. The ~ <br />cash or security 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 stormwater control <br />structure over a ten (10) yeaz period, whichever is greater. The estimated cost of i <br />maintaining the stormwater structure shall be consistent with the approved operation and <br />maintenance plan or manual provided by the developer under Article b.23.4b2. The amount <br />shall- be computed by estimating the maintenance cost for twenty-five (25) years and <br />utultiplying this amount by two-fifths or 0.4. <br />Upon default of the owning entity to maintain, repair and, if necessary, reconstruct the <br />stormwater control structure in accordance with the Operation and Maintenance Agreement, <br />the County shall obtain and use all or any portion of the cash security to make necessary <br />improvements based on an engineering estimate. Such expenditures of funds shall only be <br />made after exhausting all other reasonable remedies seeking the owning entity to comply <br />with the terms and conditions of the Operations and Maintenance Agreement. The County <br />shall not return any of the deposited cash funds. <br />