The owner(s) of the land being subdivided shall furnish and file with the Town a good and sufficient cash or corporate surety bond or bonds executed by a surety company authorized to transact a surety business in the State of California, in an amount not less than 100% of the estimated cost of completion of said improvements, as determined by the City Engineer. The terms of the said improvement agreement by the owner(s) shall be all in a form approved by the City Attorney which is substantially in accord with Government Code Section 66499.1. The bond shall remain in full force and effect at all times until the expiration of two years after satisfactory completion and acceptance by resolution of the Council of all improvements, and thereafter until all deficiencies in construction, maintenance, and repair have been rectified. Whenever a failure to perform under the said improvement agreement has not been satisfactorily rectified by the owner(s) or his or her surety within 30 calendar days after notice to the surety at the office of its authorized representative, the Town at its option may thereafter without further notice declare said bond forfeited and cause all required construction, maintenance or repair to be done. In lieu of said bond the owner(s) may deposit cash or certified cashier's check with the City Treasurer.
In addition to the aforementioned faithful performance bond, the owner(s) shall furnish and file with the Town a good and sufficient cash or corporate surety labor and material bond in an amount of not less than 100% of the estimated cost of completion of said improvements, in a form approved by the City Attorney, which is substantially in accord with Government Code Section 66499.2 to secure payment to all contractors, subcontractors, laborers, suppliers and other persons employed in the performance of the work installing and completing said subdivision improvements. In lieu of said bond, the owner(s) may deposit cash or a certified cashier's check with the Town Finance Manager.
(§ 1, Ord. 572, eff. February 18, 2018)