(A) A performance bond or security in the amount of 100% of the estimated construction cost to guarantee the construction or installation of all improvements shall be required of all subdivisions. An additional amount of 50% of the estimated construction cost shall be required to guarantee the payment to the subdivider's contractor, subcontractors, and to persons furnishing labor, materials, or equipment for the construction or installation of improvements.
(B) If a set aside letter is used as security, an additional 20% of the estimated construction cost will be required in addition to the 150% as stated above.
(C) The estimate of improvement costs shall be as approved by the City Engineer and shall provide for:
(1) 10% of the total construction cost for contingencies.
(2) Increase for projected inflation computed to the estimated midpoint of construction.
(3) All utility installation costs or a certification acceptable to the City Engineer from the utility company that adequate security has been deposited to insure installation.
(4) In addition to the full amount of the security, there shall be included costs and reasonable expenses and fees, including attorney's fees, incurred in enforcing the obligation secured.
('61 Code, § 10-2.708.3) (Ord. 252 C.S., passed 8-3-81)