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(1) Financial guarantees for restoration and reclamation activities required pursuant to CMC Titles 14, 15 and 18 shall be sufficient to cover the cost of conformance with conditions of the permit, including corrective work necessary to provide drainage consistent with approved plans and conditions, to remove geologic hazards, and to protect water quality and the public health, safety, and welfare. The financial guarantee may be reduced proportionately for phased projects as work is complete and subsequent reclamation and/or restoration on each phase is completed. The request for reduction shall be in writing.

(2) Financial guarantees may be waived for activities pursuant to CMC Title 14, 15 or 18:

(a) Projects of less than 500 cubic yards of excavation, fill, or a combination thereof unless associated with a development application for short plat, subdivision binding site plan, or commercial site development permit;

(b) City of Covington Department projects; and

(c) Reclamation projects with financial guarantees posted with the State of Washington Department of Natural Resources or with the Federal Office of Surface Mining. (Ord. 08-13 § 3 (Exh. A); Ord. 14-09 § 7; Ord. 20-07 § 82; Ord. 43-02 § 2 (27.70.030). Formerly 14.110.030)