A. All projects, except those projects meeting the requirements of GHMC 14.40.040(B) or those projects requiring only an abbreviated plan, shall establish a financial guarantee in accordance with the manual in the form of cash escrow account, irrevocable letter of credit, or other form of credit which may be acceptable to the city at its sole discretion.

B. The financial guarantee shall be sufficient to reimburse the city if it should become necessary for the city to enter the property for the purpose of correcting and/or eliminating hazardous conditions relating to soil stability and/or erosion, or to restore vegetation, and/or for other purposes authorized in this chapter. In addition, the financial guarantee may be required to protect the city from potential damage claims and/or other damage to city streets, utilities or property in the same manner and extent as may be required prior to issuance of a building permit pursuant to other sections of this code.

C. In no case shall the financial guarantee be less than 125 percent of the estimated value of the grading activities provided by the applicant’s civil engineer and approved by the permit authority.

D. Should the city, during the course of construction, find it necessary to expend the financial guarantee to correct any work not in accordance with the approved plans and specifications, a stop work order shall be issued to the permittee on any additional work until the financial guarantee is reestablished by the permittee. (Ord. 1169 § 4, 2009).