Improvement security shall be for the following amounts, unless otherwise stated in this title:
(a) An amount estimated by the city to be equal to the cost of improvements covered by the security, guaranteeing the faithful performance of the improvement work, plus an amount equal to the cost of inspecting the improvement work, plus an amount estimated by the city to be necessary 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;
(b) An amount estimated by the city to be equal to fifty percent of the cost of the improvements covered by the security, securing payment to contractors and subcontractors and to all persons renting equipment or furnishing labor or materials to them.
(Ord. 537 § 2 (part), 1985)