502 Requirement For Security As Condition Of Land Use Permit

502 (1) For the purposes only of subsections (2) and (3), a local government may, as a condition of the issue of a land use permit, require that the applicant for the permit provide security in an amount stated in the permit by whichever of the following the applicant chooses:

• (a) an irrevocable letter of credit;
• (b) the deposit of securities in a form satisfactory to the local government.

• (2) Subsection (3) applies if a local government considers that any of the following applies:

• (a) a condition in a permit respecting landscaping has not been satisfied;
• (b) an unsafe condition has resulted as a consequence of a contravention of a condition in a permit;
• (c) damage to the natural environment has resulted as a consequence of a contravention of a condition in a permit.

• (3) In the circumstance referred to in subsection (2), the local government may

• (a) undertake, at the expense of the holder of the permit, the works, construction or other activities required to satisfy the landscaping condition, correct the unsafe condition or correct the damage to the environment, and
• (b) apply the security under subsection (1) in payment of the cost of the works, construction or other activities, with any excess to be returned to the holder of the permit.

• (4) Interest earned on the security provided under subsection (1) accrues to the holder of the permit and must be paid to the holder immediately on return of the security or, on default, becomes part of the amount of the security.
• (5) If a local government delegates the power to require security under subsection (1), the delegation bylaw must include guidelines for the delegate as to how the amount of security is to be determined.

1985-79-8; 1987-14-38; 1992-18-91, effective July 24, 1992 (B.C. Reg. 283/92); 1997-24-14, effective October 20, 1997 (B.C. Reg. 354/97); 1998-34-201, effective September 23, 1998 (B.C. Reg. 311/98); RSBC 2015-1-502, effective January 1, 2016 (B.C. Reg. 257/2015).