Chapter 22.66 — IMPROVEMENT SECURITY

Any improvement agreement, contract or act required or authorized by the Subdivision Map Act, for which security is required, shall be secured in the manner provided for in Section 66499, et seq., of the Subdivision Map Act.

(Ord. 88-O-117 § 1, 1989)

The form of the security shall be one or the combination of the following at the option and subject to the approval of the city:

• (1) Bond or bonds by one or more duly authorized corporate sureties. The form of the bond or bonds shall be in accordance with the Government Code Sections 66499.1, 66499.2, 66499.3, and 66499.4.

• (2) A deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of money or negotiable bonds of the kind approved for securing deposits of public moneys.

• (3) An instrument of credit or letter of credit from one or more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment.

(4) Any other form of security as provided in Government Code Section66499. (Ord. 88-O-117 § 1, 1988)

The improvement security shall be in the amount of 100% labor and materials, and 100% survey monumentation bond.

The improvement security shall also secure the faithful performance of any changes or alterations in the work to the extent that such changes or alterations do not exceed 10% of the original estimated cost of the improvement.

(Ord. 88-O-117 § 1, 1988)

In the event the required subdivision improvements are financed and installed pursuant to a special assessment proceedings, the subdivider may apply to the city council for a reduction in the amount of the improvement security required hereunder up to an amount corresponding to the amount of faithful performance and labor and material bonds required by the special assessment act being used. The city council may grant such reduction if it finds that such bonds have been in fact provided and that the obligations secured thereby are substantially equivalent to that required by this title

(Ord. 88-O-117 § 1, 1988)

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City of Placentia, CA

SUBDIVISIONS

§ 22.66.040

§ 22.66.040

The improvement security required hereunder shall be released in accordance with Section 66499.7, et seq., of the Subdivision Map Act.

(Ord. 88-O-117 § 1, 1988)

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City of Placentia, CA

SUBDIVISIONS

§ 22.68.010

§ 22.68.020

CHAPTER 22.68 VARIANCES