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Sec. 11.55. Cash Deposit in Lieu of Bond.
 
   In any case wherein the City of Los Angeles or any board, officer or employee thereof, by charter or ordinance, is granted or has the power or duty to fix the amount of, or to approve, any bond required to be given by any person to the City of Los Angeles or any board, officer or employee thereof, the said City of Los Angeles or any board, officer or employee may accept as such bond, and in lieu of any other bond an agreement of indemnity accompanied by a physical deposit of cash in substantially the following form and manner:
 
   (a)   Any person heretofore or hereafter required by any provision of the Charter of the City of Los Angeles, or any ordinance of the City of Los Angeles, or by any other law, to post with or furnish to the City of Los Angeles, or to any deputy or officer thereof, any bond or contract of indemnity, may deposit and at all times maintain on deposit with the Treasurer of the City of Los Angeles an amount of cash equivalent to the amount of the bond required as above stated;
 
   (b)   Such person so required to furnish a bond or contract of indemnity shall, contemporaneously with the making of said deposit, execute and deliver to the City an agreement in writing, subject to the approval of the Risk Manager, confirming said deposit and conditioned as required in the case of the bond;
 
   (c)   The City Treasurer shall have custody of the cash deposited hereunder.
 
   (d)   The board, officer or employee requiring said bond or contract of indemnity may determine the fact of default by the person posting or furnishing said cash deposit and the amount of loss or damage sustained by the City, and the amount of the loss or damage sustained by any other person indemnified by the agreement of indemnity provided for herein, and order a reimbursement thereof from the deposit. The board, officer or employee shall transmit his findings and order to the Treasurer who may reimburse the City and any other person ordered to be reimbursed by said board, officer or employee for the loss and damage found by said board, officer or employee to have been sustained.
 
   (e)   The agreement of indemnity herein provided for may set forth such additional terms and conditions as may be necessary or convenient to carry out the purposes and intent of this section;
 
   (f)   None of the provisions of this section shall apply in any case wherein cash deposits or cash bonds are otherwise specifically authorized or provided for by any other ordinance of the City of Los Angeles now in effect or hereafter adopted.
 
   (g)   The provisions of this article shall not be deemed to nor shall they apply to policies, certificates, or other instruments of title insurance or title guaranty.
 
SECTION HISTORY
 
Based on Ord. No. 84,480.
Amended by: Ord. No. 176,740, Eff. 7-25-05.