(1) Financial guarantees for mitigation required pursuant to this chapter shall be sufficient to guarantee that all required mitigation measures will be completed no later than the time established by the City.

(2) Financial guarantees shall also be required for restoration of a critical area or buffer not performed as part of a mitigation or maintenance plan except that no financial guarantee shall be required for minor stream restoration.

(3) If the development proposal is subject to mitigation, maintenance, or monitoring plans, the applicant shall post a financial guarantee in the amount deemed acceptable by the City. The financial guarantee shall be sufficient to guarantee satisfactory workmanship on, materials in and performance of or related to structures and improvements allowed or required by this chapter for a period of five years. The duration of maintenance/monitoring obligations shall be established by the City, based upon the nature of the proposed mitigation, maintenance, or monitoring and the likelihood and expense of correcting mitigation or maintenance failures.

(4) When mitigation is required pursuant to a development proposal and is not completed prior to the City finally approving the proposal, the City may delay final approval until mitigation is completed or may require the applicant to post a financial guarantee in an amount deemed acceptable to the City. The financial guarantee shall be sufficient to guarantee that all required mitigation measures will be completed no later than the time established by the City in accordance with this chapter.

(5) For financial guarantees associated with mitigation, corrective work, restoration, or enhancement, the financial guarantee shall be sufficient to cover the time and cost to guarantee satisfactory workmanship, materials and performance of structures and improvements required by this chapter and any monitoring of those structures and improvements required by approved plans and conditions.

(6) Depletion, failure or collection of the financial guarantee shall not relieve an applicant or violator from completing the required mitigation, maintenance, monitoring, or restoration as required under this chapter.

(7) Public development proposals shall be relieved from having to comply with the provisions of this section if public funds have previously been committed for mitigation, maintenance, monitoring, or restoration. (Ord. 09-19 § 9 (Exh. D); Ord. 06-17 § 4 (Exh. B))