Security to guarantee performance of any act or agreement shall be in the following amounts:
A. 
To secure faithful performance, 100% of the total cost estimated by a civil engineer and approved by the City Engineer as the cost of the improvement or of the act to be performed;
B. 
To secure payment to the contractor, his or her subcontractors and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act, an additional 50% of the above-mentioned total estimated cost;
C. 
To secure against any defective work or labor done, or defective materials furnished, 10% of the above-mentioned total estimated cost shall be retained by the City for a period of one year following the completion and acceptance thereof;
D. 
To cover the costs of enforcing the obligation secured, there shall be added to the face amount of the security required under subsections A, B, and C of this section, the costs, expenses, and fees including reasonable attorneys' fees, reasonably estimated by the City Engineer as necessary to enforce the obligation in the event of default by the subdivider;
E. 
To cover required subdivision improvements financed and installed pursuant to special assessment proceedings, the City Engineer at his or her option may determine that, upon the furnishing by the contractor of the faithful performance and labor and material bonds required by the special assessment act being used, the subdivider's improvement security may be reduced by an amount corresponding to the amount of such bonds so furnished by the contractor. Such money, negotiable bond or instrument of credit shall institute a trust fund to guarantee performance and shall not be subject to levy or attachment by any creditors of the depositor until the obligation secured thereby is performed to the satisfaction of the City.
(Prior code § 21-13-2)
The security furnished by the subdivider may be reduced in whole or in part in the following manner:
A. 
Security given for faithful performance of any act or agreement may be released upon the performance of the act or final completion and acceptance of the required work. The City Engineer may earlier authorize partial release of the security upon the corresponding partial performance of the act or the acceptance of the work as it progresses, consistent with the provisions of Section 66499.7 of the Subdivision Map Act.
B. 
After passage of the time within which claims of lien are required to be recorded pursuant to Civil Code Section 8000 et seq., security securing payment to the contractor, his or her subcontractors and to persons furnishing labor, materials or equipment shall be reduced to an amount equal to the total claimed by all claimants for whom claims of lien have been recorded and notice thereof given in writing to the City Council. If no claims have been recorded, the security shall be released in full. Such release shall not apply to any required guarantee and warrant period nor to the amount of the security deemed necessary by the City for such guarantee and warranty period nor to costs and reasonable expenses and fees, including reasonable attorneys' fees, as set forth in Section 16.52.020.
(Prior code § 21-13-3)