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IMPROVEMENT SECURITY
(A) Faithful performance. A separate instrument in the amount of 100% of the estimated cost of construction and incidental costs, to guarantee the faithful performance of the agreement.
(B) Labor and material. A separate instrument in the amount of 50% of the estimated cost of construction and incidental costs, to guarantee the payment of laborers and materialmen.
(C) Monumenting. A separate instrument in the amount of 100% of the total estimated cost of setting survey monuments, securing payment to the engineer or surveyor for the performance of the required act.
(D) Maintenance. A separate instrument in the amount of 15% of the estimated cost of construction and incidental costs, for the guarantee and warranty of the work for a period of one year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished.
(E) Securities other than bonds. If the improvement security is other than a bond, or bonds furnished by duly authorized corporate surety, an additional amount may be included that is not less than 50% of the total estimated cost of the improvement or of the act to be performance. This additional amount is to cover the cost and reasonable expenses and fees, including reasonable attorney's fees, which may be incurred by the city in successfully enforcing the obligation secured.
('61 Code, 19.19) (Ord. 852, passed - - ) Penalty, see § 10.99
The improvement security required hereunder shall be released in the manner which follows. Security given for faithful performance of an act or agreement shall be released upon final completion and acceptance of the act or work. Security given to secure payment to the contractor, his subcontractors and to persons furnishing labor, materials or equipment, may 60 days after the completion and acceptance of the act or work, be reduced to an amount equal to 125% of the aggregate amount of all claims therefor filed an of which notice has been given to the city, plus an amount reasonably determined by the City Engineer to be required to assure the performance of any other obligations secured thereby. The balance of the security shall be released upon the settlement of all such claims and obligations for which the security was given. Security give to secure the payment of an engineer or surveyor for setting survey monuments, shall be released upon receipt, by the City Engineer on written proof from the engineer or surveyor that he has set the monuments and that he has been paid for this work. No security given for the guarantee for warranty of work shall be released until the expiration of the period thereof and the completion and acceptance of any repair, replacement or other work found to be needed during such warranty period.
('61 Code, 19.20) (Ord. 852, passed - - )
REVERSIONS TO ACREAGE
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