Chapter 16.40
SECURITY FOR IMPROVEMENTS
Sections:
16.40.010 When required.
If any of the improvement work is not completed or any monuments not set prior to the recordation of the final map, the land divider shall enter into an agreement with the City to complete the remaining improvements and shall furnish to the City the improvement security as defined and required in Section 11612 of the Subdivision Map Act. [Ord. 529 § 6.13(A), 1973].
16.40.020 Forms.
The agreement and improvement security shall be executed only upon forms and terms approved by the City Council and the amount of the security shall be approved by the Planning Director. [Ord. 529 § 6.13(B), 1973].
16.40.030 Time limit.
The original term of the agreement and improvement security shall be for one year, which term may be extended by the City Council, upon written request of the land divider prior to the expiration of the original one-year period, for not exceeding the cumulative total time of one additional year. As a condition to granting an extension of time, the City Council may require that additional improvement security be furnished, as shall be deemed necessary to guarantee the completion of the improvements. [Ord. 529 § 6.13(C), 1973].
16.40.040 Security amount.
The amount of the security required shall be 100 percent of the total estimated cost of the improvements to guarantee faithful performance of the agreement and 100 percent of the total estimated cost of the improvements for securing payment to the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials to them for the improvements, as estimated by the City Engineer. [Ord. 529 § 6.13(D), 1973].
16.40.050 Security releases.
The improvement security shall be released as provided in Section 11612 of the Business and Professions Code. A maximum of three partial releases of the improvement security may be granted by written order of the Planning Director, upon a determination by the City Engineer of the acceptable work that has been completed and the amount of security that is necessary to be retained to guarantee the completion of the remaining improvements. Request for partial releases, setting forth in detail the amount of work completed, shall be made in writing to the Planning Director. [Ord. 529 § 6.13(E), 1973].