Security to guarantee the performance of any act or agreement shall be in the following amounts, pursuant to Cal. Gov't Code § 66499.3:
(A) An amount determined by the City Engineer equal to 100% of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement. The total estimated cost of the improvement shall provide for increase of projected inflation computed to the estimated midpoint of construction;
(B) An additional amount determined by the City Engineer equal to 50% of the total estimated cost of the improvement, or the performance of the required act, securing payment to the contractor, his subcontractors, and to persons furnishing labor, materials, or equipment to them for the improvement of the performance of the required act;
(C) An additional amount equal to 10% of the estimated cost of the improvements for the guarantee and warranty of the work for a period of one year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished.
(D) Required security for subdividers who are California nonprofit corporations, funded by the United States of America or one of its agencies, or funded by this state or one of its agencies, shall be established in accordance with Cal. Gov't Code § 66499.3.
('86 Code, § 22.60.040) (Ord. 4120, passed - - )