inspection, operation and maintenance of the engineered stormwater controls approved under the permit, at a discount rate that reflects the Town’s cost of borrowing minus a reasonable estimate of long-term inflation.
C. Uses of Performance Security
i. Forfeiture Provisions . The performance security shall contain forfeiture provisions for failure, after proper notice, to complete work within the time specified, or to initiate or maintain any actions which may be required of the applicant or owner in accordance with this section, approvals issued pursuant to this section, or an operation and maintenance agreement established pursuant to this section. ii. Default . Upon default of the owner to construct, maintain, repair and if necessary, reconstruct any SCM in accordance with the applicable permit or operation and maintenance agreement, the Stormwater Administrator shall obtain and use all or any portion of the security to make necessary improvements based on an engineering estimate. Such expenditure of funds shall only be made after requesting the owner to comply with the permit and/or maintenance agreement. In the event of a default triggering the use of installation performance security, the Town of Fuquay-Varina shall not return any of the unused deposit cash funds or other security, which shall be retained for maintenance. iii. Cost in Excess of Performance Security . If the Town of Fuquay-Varina takes action upon such failure by the applicant or owner, the Town of Fuquay-Varina may collect from the applicant or owner for the difference should the amount of the reasonable costs of such action exceed the amount of the security held, in addition to any other penalties or damages due. iv. Refund . Within 60 days of the final approval, the installation performance shall be refunded to the applicant or terminated, with the exception of any amount attributable to the cost (plus 25%) of landscaping installation and ongoing maintenance associated with the SCMs covered by the security. Any such landscaping shall be inspected one (1) year after installation with replacement for compliance with the approved plans and specifications and, if in compliance, the portion of the financial security attributable to landscaping shall be released.
(5)
Notice to Owners
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