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(A) Any improvement, agreement, performance, or act required or authorized by the Subdivision Map Act, for which security may be required, shall be secured in the manner provided in Cal. Gov't Code, Section 66499.
(B) The improvement security shall be in an amount equal to 100% of the total estimated cost of the improvement or of the act to be performed, said security conditioned upon the faithful performance of the act or agreement, and an additional amount equal to 50% of the total estimated cost of the improvement or the performance of the act required, securing payment to the contractor, his/her subcontractors, and to persons furnishing labor, materials or equipment to said contractor or subcontractors for the improvement or performance of the required act.
(C) The improvement security shall secure the faithful performance of any changes or alterations in the work not to exceed 10% of the original estimated cost of the improvement.
(`64 Code, Sec. 27-111) (Ord. No. 1570, 1758, 1826)