(1) The developer or contractor shall furnish a performance financial guarantee, which shall be conditioned upon faithful completion of that work performed pursuant to the conditions of approval for development or other permit and in accordance with CMC 14.105.120. All work on public and private roads, work within right-of-way or easements for public or private roads, and construction or modification of storm drainage facilities required as a condition of approval or associated with a City-issued permit, shall be guaranteed by a performance financial guarantee at the time of permit issuance.

(2) The developer or contractor shall guarantee the successful operation, maintenance, repair and replacement of the required improvements in accordance with CMC 14.105.130.

(3) Every financial guarantee shall obligate the applicant to comply with all of the provisions of the Covington Municipal Code and complete all conditions required by the permit or approval within the time limit specified by the financial guarantee.

(4) No financial guarantee shall be released by the City until the City’s inspector has inspected the site(s) and the developer’s engineer or appropriate technical professional has provided written confirmation that the performance, maintenance, mitigation or monitoring requirements have been met.

(5) The City may collect against the financial guarantee when work is not completed in a timely manner in accordance with conditions of the permit and/or approval granted pursuant to CMC Titles 12, 13, 14, 15, 17, or 18 (or their successors). It is in the Director’s sole reasonable discretion to determine whether the permit or approval conditions have been satisfied in a timely manner, and to determine whether the performance guarantee shall be collected to remedy the violation. The Director shall notify the applicant in writing of any such determination. (Ord. 14-09 § 3; Ord. 43-02 § 2 (27.50.050))