After the applicant has paid the required fees and complied with all conditions precedent, the Director shall issue the permit, unless it appears to him that the work proposed would significantly restrict the carrying capacity of a watercourse or would create an unreasonable hazard of flood or inundation to persons or property; provided, however, that the Director shall issue the permit subject to conditions which shall be specifically set forth in the permit, if the Director determines that by doing so there would be created no such restriction of carrying capacity or unreasonable hazard. (Ord. 2466 § 9, 1991; Ord. 1032 § 1, 1967; prior code § 26.108).