Unless otherwise waived by the City Engineer upon good cause shown, the following improvement security shall be furnished to the City to guarantee the performance of any improvement agreement, contract or act required or authorized by the Subdivision Map Act, or any act required as a condition of approval of any tract or parcel map:
.010 An amount equal to one hundred percent 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; and
.020 An additional amount equal to fifty percent 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 or the performance of the required act; and
.030 An amount equal to ten percent of the total estimated cost of the improvement or the performance of the required act, 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;
.040 An amount equal to fifty percent of the total cost of any storm drain construction or improvements for the normal and proper maintenance of said work and improvements for a period of two years following the completion and acceptance thereof. (Ord. 3759 § 2 (part); August 30, 1978.)