A.
As a guarantee to secure faithful performance of any agreement with City to construct or install required improvements after the approval of the final or parcel map, subdivider shall furnish to City prior to the approval of the final or parcel map one of the types of securities described in Section 27.11.030, as approved by City, in an amount equal to 100% of the total estimated costs of the improvements.
B.
As a guarantee securing payment to the contractor, its subcontractors or persons furnishing the labor, materials, equipment or services required to install and construct said improvements, the subdivider shall furnish one of the securities described in Section 27.11.030, as approved by City, in an amount equal to not less than 50% of the total estimated costs of said improvements.
C.
The
subdivider may request a partial release of the improvement security
to guarantee faithful performance of the agreement based upon its
partial completion of the improvements. The subdivider is allowed
to request three partial releases. No single partial release shall
be for less than 25% of the total estimated cost of the improvements
nor shall the aggregate of such partial releases exceed 75% of the
total estimated cost of the improvements. The determination of the
amount of the improvement security to be partially released shall
be made by the City Engineer, his or her determination shall be final
and conclusive and any such release shall not reduce the obligations
of the subdivider to the City under the agreement.
(Ord. 3790 §1, 1975; Ord. 4017, 1979)
As a guarantee of good faith to furnish and install the required survey monuments and to pay the subdivider's engineer or surveyor for said work, the subdivider shall furnish one of the securities described in Section 27.11.030 or combination thereof, as approved by City, in an amount equal to 100% of the estimated cost of such work. Such work shall consist of satisfactorily furnishing and installing the said survey monuments and of accurately fixing exact survey points thereon.
(Ord. 3790 §1, 1975)
Whenever any provision of this title or the Subdivision Map
Act authorizes or secures the furnishing of security in connection
with the performance of any act or agreement, such security shall
be one of the following at the option of and subject to the approval
of the City:
A.
Bond
or bonds by one or more duly authorized corporate sureties. Said bond
or bonds shall be in substantially the same form as provided in §66499.1
and §66499.2 of the Subdivision Map Act.
B.
A deposit,
either with the City or a responsible escrow agent or trust company,
at the option of the City, of money or negotiable bonds of the kind
approved for securing deposits of public moneys.
C.
An
instrument of credit from one or more financial institutions subject
to regulating by the State or Federal government and pledging that
the funds necessary to carry out the act or agreement are on deposit
and guaranteed for payment.
(Ord. 3790 §1, 1975; Ord. 5380, 2005)
