Article 5 — IMPROVEMENT SECURITY

The project proponent may furnish security in connection with the performance of acts or agreements required by this chapter. Such security shall be one of the types of securities specified in the Map Act at the option of and subject to the approval of the Commission.

Sec. 9-3.502. - Reduction of Security.

If the required subdivision improvements are financed and installed pursuant to special assessment proceedings, upon the furnishing by the contractor of the faithful performance and labor and material bonds required by the special assessment act being used, the improvement security of the subdivider may be reduced by an amount corresponding to the amount of such bonds so furnished by the Contractor.