Prior to the commencement or continuance of drilling or other uses on an existing
permit, the permittee shall file, in a form acceptable to the County Counsel and certified
by the County Clerk, a bond or other security in the penal amount of not less than
$10,000.00 for each well that is drilled or to be drilled. Any operator may, in lieu
of filing such a security for each well drilled, redrilled, produced or maintained,
file a security in the penal amount of not less than $10,000.00 to cover all operations
conducted in the County of Ventura, a political subdivision of the State of California,
conditioned upon the permittee well and truly obeying, fulfilling and performing each
and every term and provision in the permit. In case of any failure by the permittee
to perform or comply with any term or provision thereof, the Planning Commission may,
after notice to the permittee and a public hearing, by resolution, determine the amount
of the penalty and declare all or part of the security forfeited in accordance with
its provisions. The sureties and principal will be jointly and severally obligated
to pay forthwith the full amount of the forfeiture to the County of Ventura. The forfeiture
of any security shall not insulate the permittee from liability in excess of the sum
of the security for damages or injury, or expense or liability suffered by the County
of Ventura from any breach by permittee of any term or condition of said permit or
of any applicable ordinance or of this security. No security shall be exonerated until
after all the applicable conditions of the permit have been met.
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