Decommissioning and Periodic adjustment of Surety Bond Sample Clauses

Decommissioning and Periodic adjustment of Surety Bond. The Parties agree that a surety bond to cover the costs of decommissioning Applicant’s facilities is required as a condition in the CUP. Further, the Applicant recognizes the protection this provides for the County taxpayers and does not desire to shift that expense to them should the Applicant or its successors or the landowner not be able to comply with the decommissioning requirements; and County recognizes that the surety bond is an expense to be incurred by the Applicant encumbering funds that could otherwise go directly towards investing in the Project or other potential projects. In recognition of these factors, the Parties desire for the bond and the costs for such to accurately reflect the associated decommissioning costs being insured. Therefore, the Applicant, or its successor, agrees to update the gross estimated costs of decommissioning every five years and to reimburse the County for an independent review and analysis by a licensed engineer. The bond or surety amount shall be adjusted accordingly to ensure it accurately reflects the costs associated with decommissioning.
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Decommissioning and Periodic adjustment of Surety Bond. Prior to the approval of a building permit, the Parties agree to enter into a decommissioning agreement, as provided for in the SUP conditions. The decommissioning agreement will provide for a surety bond, letter of credit or other form of security acceptable to the County Attorney to cover the gross estimated costs of decommissioning the Developer’s facilities plus a reasonable allowance for the estimated administrative costs related to a default of the Developer, as required as a condition in the SUP. Further, the Developer recognizes the protection this provides for the Locality and its taxpayers and does not desire to shift that expense to them should the Developer or its successors or the Property owner not be able to comply with the decommissioning requirements. The Locality recognizes that the surety bond, letter of credit or other form of security is an expense to be incurred by the Developer encumbering funds that could otherwise go directly towards investing in the Project or other potential projects. In recognition of these factors, the Parties desire for the bond and the costs for such decommissioning to accurately reflect the associated decommissioning costs being insured, but the estimated cost of decommissioning. None of the salvage value will be included in the calculation. Therefore, the Developer, or its successor, agrees to update the gross estimated costs of decommissioning every five (5) years and at such time to reimburse the Locality for an independent review and analysis by a licensed Virginia engineer. The bond, letter of credit or surety amount shall be adjusted every (5) years to ensure it accurately reflects the costs associated with decommissioning of the Project.
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