Security shall be furnished in connection with any improvement agreement or contract required as a condition of subdivision approval, and shall comply with applicable provisions of the Subdivision Map Act.
(Prior code 10050(a); Ord. 22-78)
All improvement security shall include, but not be limited to:
A.
100% of the total estimated cost of the improvement or act to be performed, conditioned upon the faithful performance of the act or agreement; and
B.
100% of the total estimated cost of the improvement or act to be performed securing payment to the contractor, the subcontractor and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act.
(Prior code 10050(b); Ord. 22-78)
Upon the failure of the subdivider to complete any improvement, acts, or obligations within the time specified, the City Council may, upon notice in writing of not less than 10 days served upon the person responsible for the performance thereof, or upon notice in writing of not less than 20 days, served by registered mail addressed to the last known address of such person, determine that the subdivider is in default, and may cause the improvement security or such portion thereof as is necessary to complete the work or act and any other obligations of the subdivider secured thereby to be forfeited to the City. The security for the construction and completion of improvements shall not be waived under any condition.
(Prior code 10050(c); Ord. 22-78)