Burbank Municipal Code Art. 16 Security for Improvements

11-1-1601: IMPROVEMENT SECURITY:

The improvement agreement referred to in Section 11-1-604 of this chapter shall be accompanied by improvement security as defined and required by Chapter 5 of the Subdivision Map Act in the amounts and for the following purposes:

A. An amount determined by the Council equal to one hundred percent (100%) of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement, and

B. An additional amount determined by the Council equal to one hundred percent (100%) of the total estimated cost of the improvement or the performance of the required act, securing payment to the contractor, their subcontractors, and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act.

C. An amount determined by the Council necessary to guarantee the work for a period of one year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. [Formerly numbered Section 27-169; renumbered by Ord. No. 3058, eff. 2/21/87; 2490, 2197.]

11-1-1602: BONDS AND INSTRUMENTS OF CREDIT:

When corporate surety bonds are furnished as improvement security, they shall be issued by a surety company authorized to do business in the State and be subject to approval of the City Attorney as to form. If the subdivider deposits instruments of credit, they shall assign such instruments to the City. [Formerly numbered Section 27-170; renumbered by Ord. No. 3058, eff. 2/21/87; 2197.]

11-1-1603: PARTIAL RELEASE OF IMPROVEMENT SECURITY:

When any portion of an improvement has actually been fully completed and accepted, the Public Works Director may in their discretion authorize a reduction in the improvement security in accordance with the provisions of Section 11612 [Chapter 5] of the Subdivision Map Act. [Formerly numbered Section 27-171; renumbered by Ord. No. 3058, eff. 2/21/87; 2197.]

11-1-1604: FORFEITURE OF IMPROVEMENT SECURITY:

Upon the failure of a subdivider to complete any improvement within the time specified in the improvement agreement or contract, the Council may, upon notice in writing of not less than nineteen (19) days served upon the person signing such agreement or contract, or upon notice in writing of not less than twenty (20) days served by registered mail addressed to the last known address of the person signing such agreement or contract, determine that the subdivider is in default and may cause to be forfeited to the City such portion of the improvement security as may be necessary to complete the improvement work. Notice in writing shall also be given in the same manner to any surety company or financial institution which furnished all or any part of the improvement security. [Formerly numbered Section 27-172; renumbered by Ord. No. 3058, eff. 2/21/87; 2197.]