Surrey By-law 16100, s. 43 — Any letter of credit required to be provided under this Bylaw shall be a clean, unconditional and irrevocable letter of credit drawn from a Canadian financial institution acceptable to the City and in a form acceptable to the City. If, for any reason, the irrevocable letter of credit ceases to be effective security or becomes unenforceable so as to remove or reduce its purpose as full security for the due and proper performance of the requirements of this Bylaw, the owner shall replace it with a further letter of credit acceptable to the City within twenty-one (21) days prior to the expiry of the letter of credit then held by the City. If the owner fails to do so, the City will draw down on the current letter of credit without notice or restriction and hold the monies in lieu thereof
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Any letter of credit required to be provided under this Bylaw shall be a clean, unconditional and irrevocable letter of credit drawn from a Canadian financial institution acceptable to the City and in a form acceptable to the City. If, for any reason, the irrevocable letter of credit ceases to be effective security or becomes unenforceable so as to remove or reduce its purpose as full security for the due and proper performance of the requirements of this Bylaw, the owner shall replace it with a further letter of credit acceptable to the City within twenty-one (21) days prior to the expiry of the letter of credit then held by the City. If the owner fails to do so, the City will draw down on the current letter of credit without notice or restriction and hold the monies in lieu thereof.
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- 41 For the purposes of determining the fees under Part 8, any lot against which a land use contract has been registered shall be deemed to have the zone underlying the applicable land use contract and lots zoned pursuant to Surrey Zoning Bylaw, 1979, No. 5942, as amended, shall be deemed to have the zoning which corresponds to the zone name in Zoning Bylaw, 1979, No. 5942, as amended
- 42 Where replacement trees or retention of existing trees are required as a condition of a tree cutting permit or as part of a consequence for cutting, removing or damaging protected trees without a tree cutting permit or cutting, removing or damaging trees in excess of the number allowed by the tree cutting permit, the owner or person responsible for the cutting, removal or damage shall provide to the City a security deposit in cash or letter of credit in the amount specified on applicable notice, for the period and on the terms specified in Part 8A of this Bylaw. No interest shall be paid by the City on security deposits
- 44 If at any time an owner fails to comply with the provisions of this Bylaw relating to requirements for retention of existing trees or replacement trees and their maintenance, the City may by its employees or others under its direction enter upon the lands that are the subject of the requirements to plant replacement trees or maintain protected trees and for such purposes may draw upon the securities provided and expend the funds to cover all costs and expenses of so doing. Alternatively, the City may use the securities to plant trees elsewhere on any City-owned property
- 45 The amount of the security for the provision, installation and maintenance of replacement trees, as may be required by this Bylaw, shall be as follows
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