1. Construction Bond. A bond in an amount sufficient to cover the cost of conforming the construction with the approved stormwater management plans. After determination by the director that all facilities are constructed in compliance with the approved plans, the director must release the construction bond. Alternatively, the director could require an equivalent cash deposit to an escrow account administered by a local bank designated by the city.

2. Performance Bond. A bond to cover the cost of design defects or failures in workmanship of the facilities to be posted and maintained throughout the two-year maintenance period. Alternatively, an equivalent cash deposit to an escrow account administered by a local bank designated by the city could be required at city option.

3. Liability Bond. A liability policy in an amount established by the director that names the city as an additional insured and which protects the city from any liability up to those amounts for any accident, negligence, failure of the facility, or any other liability whatsoever, relating to the construction or maintenance of the facility. The liability policy must be maintained for the duration of the facility by the owner of the facility; except in the case of facilities formally assumed by the city for maintenance per this chapter, the liability policy may be terminated when and if the city maintenance responsibility commences.