A. The owner of a facility shall establish a ten-thousand-dollar ($10,000) cash security fund or provide the city with an irrevocable letter of credit in the same amount to secure the cost of removing the tall structure and all appurtenances once abandoned.

B. In the event of a transfer of ownership, the seller shall be responsible for notifying the buyer of this requirement and for notifying the city of the transfer.

C. In the event of a transfer of ownership, the city will not refund the security to the initial owner until the new owner of the tall structure posts the required ten-thousand-dollar ($10,000) security or letter or irrevocable letter of credit. [Ord. 15-27 § 3.]