§ 25-1-112. FISCAL SECURITY.

(A)

An applicant shall post fiscal security required under this title with the director.

(B)

The amount of fiscal security posted by an applicant shall equal the estimated cost to the City to do the work for which the fiscal security is required. A qualified professional must provide the director with an estimate of the cost, and the director's approval of the estimate is required.

(C)

An applicant may post as fiscal security:

(1)

a cash deposit;

(2)

a performance bond; or

(3)

a letter of credit.

(D)

The director shall return the fiscal security to the applicant if the director determines that:

(1)

the applicant has obtained a certificate of occupancy, certificate of compliance, or final acceptance letter for the work for which the fiscal security was posted; or

(2)

the obligation to do the work for which the fiscal security was posted has terminated.

(E)

The director may draw on the fiscal security and pay the cost of fulfilling the applicant's obligations if the director determines that an applicant has breached the obligations secured by the fiscal security. The director shall pay the balance of the fiscal security, if any, to the applicant. The applicant is liable for the cost that exceeds the amount of fiscal security, if any, to the director.

Source: Section 13-1-32(b) through (e); Ord. 990225-70; Ord. 031211-11.