20.30.14 PROVISIONS OF SURETY

1. Provision for Surety Before Operations Begin. After receiving notification that the application for an Excavation Permit has been approved, but prior to commencement of such an operation, the Operator shall provide surety to the city in a form and amount to be determined by the Town Council in consultation with the public works director. 2. Amount of Surety. In determining the amount of surety to be provided, the Town Council shall consider factual information as to the magnitude type and costs of approved Reclamation activities planned for the Land Affected, and the nature, extent and duration of operations under the approved notice. The Town Council shall fix the amount of the bond reasonably related thereto, to protect the city and ensure compliance with the requirements of the Excavation Permit; however, the amount of the bond shall not exceed one hundred percent of the estimated cost of rehabilitating the cost of the Excavation. The bond shall be periodically reviewed to ensure that the amount of the bond is capable of ensuring adequate Reclamation. 3. Form of Surety. In determining the form of surety to be provided by the Owner, the Town Council shall approve a method acceptable to the Owner and consistent with the requirements of this chapter which may be one or a combination of corporate surety bond, land, cash or other deposited securities. 4. Release of Surety. The liability under the surety provisions shall continue until such time as released, in whole or in part, by the Town Council. 5. Forfeiture of Surety. If any Operator shall fail or refuse to carry out the necessary land Reclamation as set forth in the approved operation and Reclamation plans, the Town Council may, after notice and hearing declare any surety filed for this purpose forfeited, or in case of a corporate bond, file suit against the Owner and his bonding company. The city shall also have the right to file suit against the defaulting permittee for costs of rehabilitation and reasonable attorney's fees and court costs.