PRACTICE/MEASURE INSTALLATION AND MAINTENANCE PERFORMANCE SECURITY Clause Samples

PRACTICE/MEASURE INSTALLATION AND MAINTENANCE PERFORMANCE SECURITY. The Village may, at its discretion, require the submittal of a performance security prior to issuance of the permit, in order to insure that the storm water measures are installed and maintained by the permit holder as required by the Storm Water Management Plan. The Village shall determine the amount of the performance security. The performance security shall be the total construction cost of the storm water management measures approved under the permit, plus 25%. [a] The amount of the maintenance performance security shall be determined by the Village and shall not exceed the maintenance costs estimated in the storm water management plan for the period during which the permit holder has maintenance responsibility. [b] The performance security shall contain forfeiture provisions for failure to complete work specified in the Storm Water Management Plan. Conditions for the release of performance security are as follows: 1. The installation performance security shall be released in full only upon submission of Aas built plans@ and written certification by a registered professional engineer in the State of Wisconsin that the storm water measure has been installed in accordance with the approved plan and other applicable provisions of this ordinance. The Village may make provisions for a partial pro-rata release of the performance security based on the completion of various development stages. 2. The maintenance performance security, minus any costs incurred by the Village to conduct required maintenance, shall be released at such time that the responsibility for practice maintenance is passed on to another private entity, via an approved Maintenance Agreement, or to the Village.