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ORDINANCE NO. 88 - sloped at a ratio of not steeper than 3 feet horizontal to 1 foot vertical, graded, grassed and stabilized. (3) Permanent project boundary corners with inter- mediate stakes at a minimum interval of three hundred (300) feet, and all limits of excavation shall be staked, marked and maintained with visible flags in the field, in accordance with approved plans for permit. (4) Annual progress report. The operator holding a valid mining permit shall file, on or before October 1 of each year, a written report with the Community Development Department identifying the lands mined and reclaimed for the preceding calen- dar year and identifying lands expected to be mined and lands planned for reclamation during the current year. The report shall also verify compli- ance with all conditions of other permitting authorities and shall note the expiration dates for all permits. Failure to file the required annual progress report shall be grounds for suspension of the operating permit; however, an extension of time for filing may be granted by the Planning and Zoning Commission upon request and for reasonable cause. (e) Requirement of Bonds. (1) Intent. Compliance and restoration bonds shall be posted to ensure that the site is developed, operated, and restored in conformance with the approved mining site plan. The compliance bond can be assessed as a penalty only to.violations of site plan approval that are chargeable to the mining permit holder, and those under his supervision, direction, or control. The restoration bond is to provide funds to restore the site. (2) Amount. The compliance bond shall be posted in the amount of one -thousand dollars ($1,000.00) per acre of project site with a minimum of five thousand dollars ($5,000.00). The restoration bond shall be posted in the amount of one -thousand dollars ($1,000.00) per acre of excavation with a minimum of five thousand dollars ($5,000.00). (3) Phasing. When one phase of 20 acres or less is completed and in conformance with the submitted site plan for reclamation and rehabilitation, and in conformance with this ordinance, the compliance and restoration bonds may be transferred to the next phase under the approved site plan. More than one phase at a time may be mined concurrently, however, each phase shall be fully bonded, as required by this ordinance. (4) Renewal. Within 30 days preceding bond expiration, a bond renewal or new bond, in a form and amount approved by the Community Development Director and County Attorney, must be on file in the Community Development Department. This process shall be continued through the completion of each mining operation. (5) Forfeiture. Upon a finding of non-compliance with this ordinance or the approved mining site plan or reclamation site plan, or failure to renew bonds