A. 
If the subdivider enters into an agreement with the county for completion of improvements, the subdivider shall furnish security to guarantee the successful completion of the improvements specified in the agreement. The improvement security shall be governed by Section 66499 of the Subdivision Map Act, and these local ordinances.
B. 
Improvement security shall be one of the following at the option of and subject to the approval of the county of Inyo.
1. 
Bond or bonds by one or more duly authorized corporate sureties;
2. 
A deposit, either with the county of Inyo, or responsible escrow agent or trust company, at the option of the county, of money or negotiable bonds of the kind approved for securing deposits of public moneys;
3. 
An instrument of credit from one or more financial institutions subject to regulation 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. 409, 1981)
Upon entering into an agreement with the county for completion of improvements referred to in Chapter 16.40, the subdivider shall furnish security to guarantee the completion of all improvements in the agreement in the following amounts:
A. 
Faithful performance. One hundred percent of the total estimated cost of the improvements to insure faithful performance of all improvements to be completed;
B. 
Labor and materials. One hundred percent of the total estimated cost of the improvements to secure payment for the contractor, his subcontractors and to persons furnishing labor and materials for all improvements to be completed;
C. 
Enforcement of agreements. Five percent of the total estimated cost of the improvements, or one thousand dollars, whichever is greater, to cover the cost and reasonable expenses and fees, including reasonable attorneys' fees, which may be incurred by the county in successfully enforcing the obligation secured.
(Ord. 409, 1981)
In any case where the actual cost of plan preparation, plan checking, inspection or other services performed by an officer or department of the county (except in the case where the deposit is set as a fixed charge by county ordinance) is less than the amount deposited, the county shall refund to the depositor any amount still remaining in the same manner as provided by law for repayment of trust moneys.
(Ord. 409, 1981)
If any deposit made pursuant to Section 16.44.010 is less than sufficient to pay all of the costs of plan checking, inspection, etc., the subdivider, upon demand of the county engineer or county controller, shall pay the county an amount equal to the deficiency. If the subdivider fails or refuses to pay such deficiency upon demand, the county may recover the same by action in any court of competent jurisdiction. Until such deficiency is paid in full, the improvement shall be considered uncompleted.
(Ord. 409, 1981)
The agreement referred to in Section 16.28.090 shall be accompanied by a faithful performance bond in a penal sum which, in the opinion of the county surveyor, equals the cost of setting such monuments, guaranteeing the faithful performance of all such work of setting monuments and furnishing notes, and in every respect complying with such agreement.
(Ord. 409, 1981)
A. 
When any improvement has been completed to the satisfaction of the department of public works, and upon written request from the subdivider, the county will release that portion of the security for the faithful performance of the completed improvement, excepting that portion retained for the guarantee and warranty.
B. 
The labor and material security securing the payment to the contractor, his subcontractors, and to persons furnishing labor, materials and equipment for any improvement shall be retained for six months after the acceptance of the improvement by the department of public works. This security, upon written request by the subdivider, shall then be reduced to an amount not less than the total of all claims on which an action has been filed and written notice given to the board of supervisors. If no such actions have been filed the security shall be released in full upon written request by the subdivider.
C. 
This portion of the security for the enforcing of the obligation secured shall be released at the time the security for the guarantee and warranty is released.
(Ord. 409, 1981)
A. 
Upon completion by the subdivider of all required acts and improvements specified in the agreement between the subdivider and the county and upon acceptance of these improvements by the public works department, there will be a twenty percent retention of the faithful performance security for one year to guarantee workmanship and materials.
B. 
The subdivider shall furnish security in the form specified under improvement security to guarantee workmanship and materials for streets, curbs, sidewalks and accessories which have been completed before the filing of the final or parcel map. The amount of the security shall be twenty percent of the total cost of these improvements and shall be retained for one year after the filing with the recorder of the final or parcel map.
(Ord. 409, 1981)
Upon the failure of a subdivider to complete any improvement within the time specified in an agreement, the board of supervisors may, upon notice in writing of not less than ten days served upon the person, firm or corporation signing such contract, or upon notice in writing of not less than twenty days served by certified mail addressed to the last known address of the person, firm or corporation signing such contract, determine that the improvement work or any part thereof is uncompleted and may cause to be forfeited to the county such portion of the sum of money or bonds given for the faithful performance of the work, or may cash any savings and loan certificates or shares deposited and assigned to assure the faithful performance of the work in such amount as may be necessary to complete such improvement work.
(Ord. 409, 1981)