Richmond By-law 8057, s. 4.4.8 — If a security deposit is in the form of a letter of credit and it will expire prior to the permit holder complying with the provisions of this bylaw, or prior to the performance of all of the terms and conditions expressed in the applicable permit, the owner will deliver to the City, at least 30 days prior to its expiry, a replacement letter of credit on the same terms as the original letter of credit provided to the City, unless otherwise approved by the Director. If the owner fails to do so, the City may draw down upon the letter of credit and hold the resulting cash as the security deposit in lieu thereof
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If a security deposit is in the form of a letter of credit and it will expire prior to the permit holder complying with the provisions of this bylaw, or prior to the performance of all of the terms and conditions expressed in the applicable permit, the owner will deliver to the City, at least 30 days prior to its expiry, a replacement letter of credit on the same terms as the original letter of credit provided to the City, unless otherwise approved by the Director. If the owner fails to do so, the City may draw down upon the letter of credit and hold the resulting cash as the security deposit in lieu thereof.
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- 4.4.2 Upon expiry of a permit (including any renewal thereof), the owner will undertake any activity required by the Director to ensure that the provisions of this bylaw, and the terms and conditions of the permit, have been complied with
- 4.4.6 If the security deposit is not sufficient for the City to rectify any contravention or non-compliance with the permit, this bylaw, or any other City bylaw relevant to the matter that is the subject of the applicable permit, including but not limited to the planning of replacement trees, the owner will pay any deficiency to the City within seven (7) days of receiving a written demand for such amount from the City. Any such deficiency charges that remain unpaid on or before December 31st in the year in which the charges are incurred by the City, form part of the taxes payable on such parcel, as taxes in arrears
- 4.4.9 If a security deposit is in the form of an on-demand irrevocable bond, the bond will be without expiry, be issued on the City’s then current form of irrevocable bond by a prequalified institution satisfactory to the Director and acceptance by the City will be subject to an administration fee
- 4.5 Permit Issuance or Refusal
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