A.
If the improvements are not completed prior to approval of the final map or parcel map, the land divider shall enter into an agreement with the City to complete the improvements and in connection therewith shall furnish to the City improvement security in the amounts required by subsection D of this section. Acceptable forms of security shall be limited to the following:
1.
A bond or bonds by one or more duly authorized corporate sureties;
2.
A cash deposit with the City;
3.
An irrevocable instrument of credit from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to carry out the agreements are on deposit until released by the City;
4.
An irrevocable letter of credit issued by a financial institution subject to regulation by the state or federal government guaranteeing that all or any portion of the funds available pursuant to the letter of credit will be paid upon the written demand of the Director of Transportation, and that such written demand need not present documentation of any type as a condition of payment, including proof of loss.
B.
The agreement and the improvement security for Schedules "A," "B," "C," "D" and "E" maps shall be executed for the City by the chairperson of the Council only upon forms and terms approved by the Council, which shall be checked by the Director of Transportation. The Director of Transportation shall be authorized to execute on behalf of the City agreements and improvement security in accordance with the provisions of this chapter for Schedules "F," "G," "H" and "I" maps. The agreement and improvement security for Schedules "F," "G," "H" and "I" maps shall be executed for the City by the Director of Transportation only upon forms and terms approved by the Council. If bonds are to be used, they shall be substantially in the form provided for in the Subdivision Map Act.
C.
The original period of the agreement and security shall be 24 months. Extensions of time may be granted at any time by the City Manager only upon terms and conditions approved by the City Council either at its own option, with or without notice to the land divider and surety, or at the written request of the land divider, with or without notice to the surety. Each extension shall be for a period not to exceed one year. In addition to the above, and as a further condition to granting an extension of time, the City Engineer may require additional agreements or security as necessary to guarantee the completion of the improvements.
D.
Security to guarantee the performance of any act or agreement shall be in the following amounts:
1.
100% of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement;
2.
50% of the total estimated cost of the improvement or the performance of the required act, securing payment to the contractor, his or her subcontractors, and the persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act;
3.
10% of the total estimated cost of the improvement or the performance of the required act for the guarantee and warranty of the work for a period of one year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. As a part of the obligation guaranteed by the security and in addition to the face amount of the security, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees incurred by the City in successfully enforcing the obligation, all to be taxed as costs and included in any judgment.
E.
The security may be released, in whole or in part, in the following manner:
1.
Security given for faithful performance or any act or agreement shall be released upon the performance of the act and final completion and acceptance of the required work. Once one-third of the bonded work has been completed, a request for a partial release of securities may be submitted. The request shall be made in writing to the Transportation Director, and a fully detailed description of the bonded work completed shall be provided with the request. A maximum of three partial releases of the security may be granted by written order of the Director of Transportation upon a determination by the Director of Transportation of the acceptable work that has been completed and the amount of security that is necessary to guarantee the completion of the remaining improvements. Requests for partial releases, setting forth in detail the amount of work completed, shall be made in writing to the Director of Transportation.
2.
Security securing the payment to the contractor, the subcontractors, and the persons furnishing labor, materials or equipment may, after the time within which claims of lien are required to be recorded pursuant to Article 3 (commencing with Section 3114) of Chapter 2 of Title 15 of Part 4 of Division 3 of the Civil Code and after acceptance of the work, be reduced to an amount not less than the total claimed by all claimants for whom claims of lien have been recorded and notice thereof given in writing to the Council, and if no such claims of lien have been recorded, the security may be released in full. Requests for release shall be made to the Director of Transportation who may, prior to the release of any security under this subdivision, require the land divider to provide a title report or other form of evidence sufficient to show what claims of lien, if any, are of record on the land division.
3.
The release of such security shall not apply to any required guarantee and warranty period, nor to costs and reasonable expenses and fees, including reasonable attorney fees.
F.
In any case where the performance of the obligation for which the security is required is subject to the approval of another agency, the security shall not be released until the obligation is performed to the satisfaction of such other agency. The City shall notify the servicing agency in writing and such agency shall have two months after completion of the performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period it has not registered its satisfaction or dissatisfaction, it shall be conclusively deemed that the performance of the obligation was done to its satisfaction.
G.
The liability upon the security given for the faithful performance of any act or agreement shall be limited to:
1.
The performance of the work, covered by the agreement between the subdivider and the City for the performance of the required act;
2.
The performance of any changes or alterations in such work, provided that all such changes or alterations do not exceed 10% of the original estimated cost of the improvement;
3.
The guarantee and warranty of the work for a period of one year following completion and acceptance thereof against any defective work or labor done or defective materials furnished in the performance of the agreement or the performance of the act;
4.
Costs and reasonable expenses and fees, including reasonable attorneys' fees.
H.
If the estimated cost of completing the street/drainage improvements, water system improvements, sewer system improvements or the setting of the monuments is less than $5,000.00, a cash bond shall be required for that specific improvement.
I.
The Director of Transportation is authorized to release or reduce the security in accordance with the provisions of this section.
(Ord. 18 § 2, 2008, RCC § 16.60.010; Ord. 60 § 2, 2011)