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. 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 Finance Director savings and loan certificates or shares, or certificates, or other evidence of deposit of funds 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 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. Unless applicable law requires otherwise, when a bond is required in connection with a parcel or tract map, a promissory note or agreement secured by a deed of trust of which the City is the beneficiary may be accepted in lieu of such surety bond, subject to the prior approval of the City Attorney and City Council in every case.
(Ord. 71-162 § 2; Ord. 93-1009 § 1)