The form of security shall be one or the combination of the following at the option and subject to the approval of the City.
A. Bond or bonds by one or more duly authorized corporate sureties;
B. A deposit, either with the local agency or a responsible escrow agent or trust company, at the option of the local agency, of money or negotiable bonds of the kind approved for securing deposits of public moneys;
C. An instrument of credit from one or more financial institutions subject to regulation by the State or Federal government and pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment, or a letter of credit issued by such a financial institution;
D. A lien upon the property to be divided, created by contract between the owner and the local agency, if the local agency finds that it would not be in the public interest to require the installation of the required improvement sooner than two years after the recordation of the map.
The provisions of the bond or bonds shall be in accordance with Sections 66499.1 and 66499.2 of the Government Code.
(Ord. 2085, § 2 (part), 2011; Ord. 1384, Exhibit A (part), 1986)