The developer must provide the city with adequate financial security to guarantee the developer's obligations under the CFA, which include, but are not limited to, the developer's obligations to construct all the community facilities contemplated by the CFA and the payment by the developer to all contractors and material suppliers with whom the developer has a contract for the project. No construction of community facilities shall ever begin until the financial guarantee has been delivered to and approved by the city and the CFA has been executed by the developer and the city.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)