Funds derived from liquidation of securities as a result of performance agreement default shall be used by the applicable city department or utility district to stabilize the site and complete work deemed essential by the city. Project administration fees may be charged by the departments or utility district against liquidated funds to offset actual personnel or equipment costs utilized in the accomplishment of required work. Any surplus funds shall be returned to the security provider after all charges and expenses are paid and required work is accepted.
(Ord. 2022-007, passed 3-14-2022)