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Whenever the subdivider enters into an agreement pursuant to Section 21.16.220 of this title, with such agreement and as a further condition of the approval of the final or parcel map, the subdivider shall file with the city adequate security to guarantee full and faithful performance thereof. Such security may be in any form specified in Chapter 5 of the Subdivision Map Act and shall be in the following amounts:
(a) The amount of one hundred percent of the total estimated cost of the improvement or of the act to be performed, including cost of engineering, surveying and inspection, as determined by the city engineer, including an inflationary factor based upon the time for completion, conditioned upon the faithful performance of the act or agreement. In the event the subdivider elects to furnish security in the form of a cash deposit or other pledge of cash, payable to the city upon demand without any conditions precedent, the city manager may approve a reduction in this amount of security guaranteeing performance by not more than fifty percent; provided that the total of such cash deposit guaranteeing both faithful performance and payment of contractors, subcontractors and materialmen shall not be less than one hundred percent of the cost of improvement, and the whole of said deposit shall be available for use for either purpose;
(b) An additional amount equal to fifty percent of the total estimated cost of the improvement, as determined by the city engineer, including an inflationary factor based upon the time for completion, securing payment to the contractor, subcontractors and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act;
(c) An amount to be determined by the city engineer to guarantee and warranty the work for a period of one year following the completion and acceptance of the work against any defective work or labor done, or defective materials furnished;
(d) As a 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 attorneys' fees, incurred by the city in successfully enforcing the obligations secured.
(Ord. 3157 § 1 (part), 1979)