§ 88-24.606. Financial assurance.

(a)

Financial Assurance Required. An applicant for a wireless facility access permit, collocation permit, or a land use permit shall provide a financial assurance as specified in this section as a condition of permit issuance. The zoning administrator will determine the reasonable cost to remove the facility and restore the facility site to the condition that it was in before construction and installation of the facility. An applicant must provide financial assurance in that amount before a permit will be issued under this chapter. A financial assurance must be irrevocable and not cancelable, except by the county.

(b)

Duration of Financial Assurance. Each form of financial assurance must remain valid for the duration of the permit and for at least six months following the termination, cancellation, or revocation of the permit.

(c)

Form of Financial Assurance. Financial assurance must be provided in one or more of the following forms:

(1)

A deposit with the county. The deposit will not earn interest.

(2)

A surety bond issued by an admitted surety insurer, pursuant to Code of Civil Procedure section 995.010, et seq.

(3)

A standby letter of credit, naming the county as beneficiary, issued by a bank authorized to do business in the state. The letter of credit must be payable within seven business days, upon demand by the county.

(4)

An escrow account comprised of any of the following: cash; a negotiable bond of the United States or any state, county, or municipality endorsed by the applicant and rated "A" or "A2" or higher by a nationally-recognized bond rating organization; or a negotiable certificate of deposit in a depository insured by the Federal Deposit Insurance Corporation. The value of any of those will be based on the then-current value, not the value at maturity. The financial instruments held in escrow must be payable within seven business days, upon demand by county.

(5)

A renewable bond, or any other financial assurance or security acceptable to the zoning administrator.

(d)

Substitution of Financial Assurance.

(1)

Substitution Permitted. At any time during the term of a permit, a permittee may replace its financial assurance with another form of financial assurance authorized under this section. After receiving a request to replace its financial assurance, and after the permittee provides the new financial assurance to the county, the county will return any deposit, or authorize the cancellation or revocation of any other financial assurance being replaced.

(2)

Substitution Required. If, during the term of the permit, the Federal Deposit Insurance Corporation or another governmental entity becomes the receiver or conservator of the issuer of a financial assurance, or the issuer files for bankruptcy or dissolves, the county may request that the permittee provide a new financial assurance authorized under this section. Within thirty days after that request, a permittee must provide a new financial assurance, and, after it is provided, the County will cancel the financial assurance being replaced. If a permittee does not provide a new financial assurance within thirty days after County's request, the permit will be suspended until the new financial assurance is provided.

(e)

County's use of financial assurance. After providing notice to the permittee, the County may draw upon and use a financial assurance to remove an abandoned facility, as provided by this chapter.

(Ord. No. 2016-11, § II, 5-24-16)