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A. Financial Security for Performance. The city of Lacey shall require the applicant of a development proposal to provide financial security acceptable to the city of Lacey in an amount and with surety and conditions sufficient to fulfill the requirements of LMC 14.28.430 through 14.28.510 and, in addition, to secure compliance with other conditions and limitations set forth in the approval. The amount and the conditions of the financial security shall be consistent with the purposes of this chapter. In the event of a breach of any condition of any such financial security, the city of Lacey may utilize the financial security to fulfill obligations of the approval and take any other steps necessary to gain compliance with approval conditions including instituting an appropriate action in a court of competent jurisdiction. The city of Lacey shall release the financial security upon determining that:

1. All activities, including any required compensatory mitigation, have been completed in compliance with the terms and conditions of the approval and the requirements of this chapter;

2. Upon the posting by the applicant of financial security for maintenance of required improvements for two years.

Until such written release of the financial security by the city such security cannot be released to the applicant.

B. Maintenance Security. The city of Lacey shall require the holder of an approval issued pursuant to this chapter to post financial security acceptable to the city of Lacey in an amount and with surety and conditions sufficient to guarantee that structures, improvements, and mitigation required by the approval or by this chapter perform satisfactorily for a minimum of two years after they have been approved or accepted. The city of Lacey shall release the financial security upon determining that performance standards established for evaluating the effectiveness and success of the structures, improvements, and/or compensatory mitigation have been satisfactorily met for the required period. For compensation projects, the performance standards shall be those contained in the mitigation plan developed and approved during the review process pursuant to LMC 14.28.510. The maintenance security applicable to a compensation project shall not be released until the city of Lacey determines that performance standards established for evaluating the effect and success of the project have been met. (Ord. 912 §1 Sec. 7.5(b), 1991).