The improvement security shall be provided in the amount as follows:
A. Performance Security: One hundred percent (100%) of the City Engineer's total estimated cost of the improvement or act to be performed securing payment to the contractor, the subcontractors and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act.
B. Labor And Materials Security: Fifty percent (50%) of the total estimated cost of the improvement or act to be performed securing payment to the contractor, the subcontractors and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act. (Ord. 527, 8-4-1997)