(A) The amount of the performance bond or escrow deposit shall be equal to the City Engineer’s opinion of probable costs of constructing the uncompleted portion of the required improvements plus all required inspection fees.
(B) Any escrow deposit may be in the form of:
(1) Cash;
(2) An irrevocable letter of credit or commitment from a lending institution guaranteeing to this municipality the availability of the escrow funds from time to time upon demand; or
(3) Certificates of deposit, treasury bills or other readily negotiable instruments approved by the City Clerk and made payable to the municipality.
(Prior Code, § 34-3-15)