A. Faithful Performance—Grading. The application shall secure the faithful performance of the work described and delineated on the grading plan and the permit if required by the director of public works in an amount not to exceed one hundred percent of the approved estimate of cost of performing the work. The security shall inure to the benefit of the city. The security shall be one of the following at the option of and subject to approval of the director of public works. The security shall be on a form subject to the approval of the city attorney.

B. Faithful Performance—Erosion Control. The applicant shall secure the performance of the work described and delineated on the final and interim erosion and sediment control plans and the permit in an amount to be determined by the director of public works but not less than one hundred percent of the estimated cost of performing the work. The form of security shall be as described in subsection 1 of this section.

C. Maintenance Bond. Security for the work shown on the final erosion and sediment control plan must be maintained for a period of one year after the director of public works certifies that the work has been satisfactorily completed or until the erosion control measures are permanently stabilized, as determined by the director of public works; whichever is longer.

D. Release. Security for the work shown on the grading plan will not be released until the director of public works certifies that the work has been satisfactorily completed.