The subdivider shall secure the foregoing improvement agreement in an amount determined by the public works director to be one hundred percent (100%) of the total estimated cost of the improvements and any additional act to be performed by the subdivider under the agreement, and such additional amount as the city council may determine necessary to cover the costs, reasonable expenses and fees including reasonable attorney's fees which may be incurred by the city in successfully enforcing said agreement. The requirement of said improvement security shall not be waived under any circumstances.
A. The improvement security shall be conditioned upon the faithful performance of the improvement agreement and shall be in one of the forms provided in the Subdivision Map Act.
B. Improvement security shall be filed with the public works director, together with the improvement agreement, before the planning director accepts the final map or parcel map for filing. The form of the improvement security shall be subject to the approval of the city attorney.
C. The term of the improvement security, filed pursuant to the provisions of this section to secure the faithful performance of the agreement, shall begin on the date of filing and end upon the date of completion or fulfillment of all terms and conditions of the improvement agreement, to the satisfaction of the public works director.
D. When the improvement security provided pursuant to section 18.11.090 (A-C) is a surety bond, it shall be accompanied by a bond for the security of laborers and material men in an amount not less than fifty percent of the estimated cost of the improvements. When the improvement is a cash deposit or letter of credit, such security shall include the amount necessary for the protection of laborers and materialmen.
E. The liability upon the security given for the faithful performance of the agreement shall include the performance of the agreement shall include the performance of any changes or alterations in the work; and guarantee and warranty the work, for a period of one year following completion and acceptance thereof, against and defective work or labor done or defective materials furnished, in the performance of the agreement with the city; provided, however, that all such changes or alterations do not exceed ten percent of the original estimated cost of the improvement.
F. If the required subdivision improvements are financed and installed pursuant to special assessment proceedings, upon the furnishing by the contractor of the faithful performance and payment bond required by the special assessment act being used, the improvement security of the subdivider may be reduced by the city council by an amount corresponding to the amount of such bonds furnished by the contractor.
G. Improvement security may be released upon the final completion and acceptance of the work; provided, however, such release shall not apply to the amount of security deemed necessary by the public works director for the guaranty and warranty period, nor to costs and reasonable expense fees, including reasonable attorney's fees, incurred by the city in enforcing the improvement agreement.
H. The public works director shall accept and certify to the satisfactory completion of improvement work prior to any release of improvement security covering such work.
(Ord. 2591 (part))