If any of the improvements designated in § 16.24.010 are not completed in a good and workmanlike manner before the final map is approved, the subdivider, as a prerequisite to final map approval, shall enter into an agreement to provide such improvements, either at the subdivider’s expense or by special assessment proceedings and within the time specified by the city. Performance of this agreement shall be guaranteed by the security required by the Subdivision Map Act. The amount of such security shall be:
(A) 100% of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of such act or agreement;
(B) 50% of the total estimated cost of the improvement or of the act to be performed, securing payment for labor, materials and equipment; and
(C) 25% of the total estimated cost of the improvement or of the act to be performed, guaranteeing the work for one year after acceptance against defective workmanship or materials.
(`78 Code, § 16.24.030.) (Ord. 1522 § 2 (part), 1978.)