Agreements and requirements referred to in § 6-10-40 of this title shall be accompanied by security to guarantee performance as follows:
(A) Improvement security in the amount of 100% of the total estimated cost of all required work as indicated in the agreement or requirements for the purpose of securing the performance of said work;
(B) Improvement security in the amount of 100% of the estimated cost of all required work to secure payment to the contractor, his or her subcontractors, and to persons renting equipment or furnishing labor or materials for such improvements;
(C) Improvement security to secure the maintenance for a period of one year after the completion and acceptance thereof against any defective materials furnished, in the performance of the agreement with the Council or the performance of the act. Said security shall not exceed an amount equal to 20% of the estimated cost of furnishing and installing said facilities. This security shall be in addition to any warranty required of the manufacturer;
(D) Improvement security to secure the maintenance of a private road for a period of one year after the acceptance thereof against any defective work or labor done or defective material furnished in the construction of the private work which security shall be in an amount equal to the construction thereof;
(E) Security in the amount equal to the estimated cost of placing all monuments and lot corners not set at the time the final map is filed as specified in § 6-7-25(D) and (E) of this title;
(F) Security in the estimated amount of taxes, and special assessments collected as taxes which are a lien but which are not yet payable as referred to in Subdivision Map Act, Cal. Gov’t Code § 66493; and
(G) As part of the obligation guaranteed by the security and in addition to the face amount of the security, there shall be included costs and reasonable expenses and fees, including reasonable attorney fees, incurred by the local agency in successfully enforcing the obligation secured.
(Ord. 295, passed 2-4-1986)