Whenever the Code Enforcement Officer permits an applicant to enter into a subdivision improvement agreement, the applicant shall be required to provide sufficient security to ensure completion of the required public improvements. The performance security shall be in an amount approved by the City Manager as reflecting 125% of the cost of the improvements in the approved construction plan, and shall be sufficient to cover all promises and conditions contained in the subdivision improvement agreement. In addition to all other security, when the city participates in the cost of an improvement, the applicant shall provide a performance bond from the contractor, with the city as a co-obligee. The issuer of any surety bond shall be subject to the approval of the City Attorney.
(Ord. 3020, passed 9-10-2013, § 4.36.4)