or its successor. No person shall obstruct, hamper or interfere with the Stormwater Administrator while carrying out their official duties.
(4) Performance Security for Installation & Maintenance . Security for the installation and maintenance of SCMs may be required as follows:
A. Underlying Agreement . The Town of Fuquay-Varina may, at its discretion and with the execution of an underlying agreement satisfying the requirements of the Town Attorney, require the submittal of a performance security or bond with surety, cash escrow, irrevocable letter of credit or other acceptable legal arrangements prior to approval of a final plat, or prior to completion of a phase of non-residential development as defined in §9-1808 Common Application Procedures, z. Site Plan, (3) Site Plan Components, N. Phasing, in order to ensure that the SCMs meet the following conditions:
i. Permit Holder Installs . Installed by the permit holder as required by the approved stormwater management plan.
ii. Maintained by Owner . Maintained by the owner as required by the operation and maintenance agreement.
B. Performance Security Amount . The amount of an installation performance security shall be the total estimated construction cost of the SCMs approved under the permit, plus 25%. The amount of a maintenance performance security shall be the present value of an annuity of perpetual duration based on a reasonable estimate of the annual cost of 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 min us 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
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