12-50 Financial Guarantee

Before any Permit is issued, the Permit Authority may, at its discretion, require the applicant to file a guarantee of financial security deemed adequate by the Permit Authority and payable to the County. The purpose of the financial guarantee is to assure the following:

1. Faithful performance of the requirements of the Permit and applicable regulations.
2. That the Project or activity is completed and, if applicable, that the development area is properly reclaimed.
3. That the applicant performs all mitigation requirements and Permit conditions in connection with the construction, operation and termination of the Project.
4. That increases in public facilities and services necessitated by the construction, operation and termination of the Project are borne by the permittee.

In determining the amount of the financial guarantee, the County shall consider the following factors:

1. The estimated cost of completing the Project or activity and, if applicable, of returning the development area to its original condition or to a condition acceptable to the County.
2. The estimated cost of performing all mitigation requirements and Permit conditions in connection with the construction, operation, and termination of the Project, including:
   • (a) The estimated cost of providing all public services necessitated by the Project until two (2) years after the Project ceases to operate; and
   • (b) The estimated cost of providing all public facilities necessitated by the Project until all such costs are fully paid.

1. Estimated cost shall be based on the applicant’s submitted cost estimate plus the Permit Authority’s estimate of the additional cost to the County of bringing in personnel and equipment to accomplish any unperformed purpose of the financial guarantee. The Permit Authority shall consider the duration of the development or activity and compute a reasonable projection of increases due to inflation. The Permit Authority may require, as a condition of the Permit, that the financial security be adjusted upon receipt of bids to perform the requirements of the Permit and these Regulations.
2. Revisions to the estimate may be required based on information available to the County.

1. The guarantee shall be in a form acceptable to the County Attorney.

1. The financial guarantee may be released only when:
   • (a) The Permit has been surrendered to the Permit Authority before commencement of any physical activity on the site of the permitted development or activity.
   • (b) The development or activity has been abandoned and the site has been returned to its original condition or to a condition acceptable to the County in accordance with criteria adopted by the County for the matter of state interest for which the Permit is being granted.
   • (c) The Project has been satisfactorily completed.
   • (d) A phase or phases of the Project have been satisfactorily completed allowing for partial release of the financial guarantee consistent with Project phasing and as determined appropriate by the Board of County Commissioners.
   • (e) The applicable guaranteed conditions have been satisfied.