In any case in which a bond in favor of the city is required
of any permittee, licensee, subdivider, owner or other person under
any provision or provisions of this code or in connection with any
permit, license, subdivision, exception or other approval, action
or regulation validly granted, made or issued by the City Council,
Planning Commission or other duly constituted body, agency or officer
of the city, such bond shall be issued by a surety company duly authorized
to transact surety business in the State of California, and shall
be subject to the approval of the City Attorney. Notwithstanding the
foregoing sentence, unless the applicable law, permit, license, exception,
approval or other action shall otherwise provide, in lieu of such
surety bond there may be deposited with the City Treasurer savings
and loan certificates or shares, or certificates, or other evidence
of deposit of funds in a bank or savings and loan association in an
amount equal to the required bond, together with an assignment thereof
to the city and an agreement containing substantially the same provisions
in favor of the city as the required bond, provided that as to any
such alternate security the assignment in favor of the city and such
agreement shall in every case be subject to the approval of the City
Attorney.
(Prior code § 1400; Ord. 85-21, 1985)
