§ 23-6. Financial guarantee.

(a)

Establishment of the guarantee. The Town of Ixonia may require the submittal of a financial guarantee, the form and type of which shall be acceptable to the Town of Ixonia.

(1)

The financial guarantee shall be in an amount determined by the Town of Ixonia to be the estimated cost of construction and the estimated cost of maintenance of the stormwater management practices during the period which the designated party in the maintenance agreement has maintenance responsibility.

(2)

The Town of Ixonia may require an irrevocable letter of credit as a condition of approval and issuance of the erosion and sediment control permit to guarantee a good faith execution of the approved plan and any permit conditions.

(3)

The financial guarantee shall give the Town of Ixonia the authorization to use the funds to complete the stormwater management practices if the responsible party defaults or does not properly implement the approved plan, upon written notice to the responsible party by the Town of Ixonia that the requirements of this chapter have not been met.

(b)

Conditions for release. Conditions for the release of the financial guarantee are as follows:

(1)

The Town of Ixonia shall release the portion of the financial guarantee established under this section, less any costs incurred by the Town of Ixonia to complete installation of practices, upon submission of "as built plans" or "record" drawings by a licensed professional engineer. The Town of Ixonia may make provisions for a partial pro-rata release of the financial guarantee based on the completion of various development stages.

(2)

The Town of Ixonia shall release the portion of the financial guarantee established under this section to assure maintenance of stormwater practices, less any costs incurred by the Town of Ixonia, at such time that the responsibility for practice maintenance is passed on to another entity via an approved maintenance agreement.

(Ord. No. 2017-01, 3-13-2017)