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--- financial_security_instrument [2022/10/05 11:47] – jess_starks
+++ financial_security_instrument [2025/05/20 14:07] (current) – admin
@@ Line 1: / Line 1: @@
 ====== Financial Security Instrument ======
-Permit applications with an erosion control and stormwater management installation cost estimate greater than $5,000.00 must provide a Financial Security Instrument (FSI) prior to permit issuance.
+Permit applications with an erosion control and stormwater management installation cost estimate greater than $10,000.00 must provide a Financial Security Instrument (FSI) prior to permit issuance.
-This FSI may be an irrevocable letter of credit (LOC), surety bond, performance bond, certified check, or cashier’s check. A cashier's check needs to have the remitter (person creating check) noted, so funds can be returned appropriately. The FSI must be for 110% of the estimated cost of implementation of all erosion control and stormwater management measures. In the event that proposed work is not completed in a manner sufficiently consistent with the approved plan, the funds may be drawn upon to complete the work. If a letter of credit is used, it shall not expire until the Water Resource Engineering Division releases it. No joint letters of credit are accepted, and Dane County LWRD must be the sole beneficiary.
+The FSI may be an irrevocable letter of credit (LOC) or certified check. Certified checks must be made out to "Dane County Treasurer" and need to have the remitter (individual creating check) noted, so funds can be returned appropriately. Letters of credit must have a clause for auto-renewal, as described in the example document. If a letter of credit is used, it may not expire until the Water Resource Engineering Division releases it. No joint letters of credit are accepted, Dane County LWRD must be the sole beneficiary.
+The FSI must be for 110% of the estimated cost of implementation of all erosion control and stormwater management measures. In the event that proposed work is not completed in a manner sufficiently consistent with the approved plan, the funds may be drawn upon to complete the work.
 Upon successful completion of the project and approval of the [[as_built certification]], a final inspection will be performed to verify compliance prior to surety release. If surety funds were held by the county, a check will be issued approximately fourteen (14) days after site approval. Letters of credit will be returned to the financial institution with a memo stating that all interest has been relinquished.