(a) When a subdivider enters into an agreement to construct required improvements for a major subdivision, approved pursuant to this division, the subdivider shall deposit with the Clerk of the Board one of the following types of security, subject to the County's approval:
(1) A bond or bonds by one or more authorized corporate sureties, as prescribed in Government Code section 66499(a)(1).
(2) Cash or negotiable bonds of the kind approved for securing deposits of public money, as prescribed in Government Code section 66499(a)(2).
(3) An instrument of credit as prescribed in Government Code section 66499(a)(3).
(4) An irrevocable letter of credit issued by a banking institution approved by the County.
(b) The security required by subsection (a) shall be in the following amounts:
(1) An amount equal to 100% of the total estimated cost of the improvement, conditioned on the faithful performance of the agreement.
(2) An additional amount of 50% of the total estimated cost of the improvements securing payment to the contractor, subcontractors and the persons furnishing labor, materials or equipment to them for the improvements.
(c) The County shall release 95% of the security upon completion and acceptance of the work required under the agreement. The County shall retain the remaining 5% for one year from the date the County accepts the work.
(Added by Ord. No. 5023 (N.S.), effective 1-5-78; amended by Ord. No. 5342 (N.S.), effective 2-8-79; amended by Ord. No. 5621 (N.S.), effective 11-22-79; amended by Ord. No. 8499 (N.S.), effective 3-3-95; amended by Ord. No. 8690 (N.S.), effective 7-5-96; amended by Ord. No. 10037 (N.S.), effective 3-26-10)