City of Industry Municipal Code Ch. 16.56 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 of the Subdivision Map Act and approved by the city engineer.

(Ord. 379, 1975)

The improvement security shall be in the amount set forth or authorized by the city engineer. If the improvement security is other than a bond or bonds furnished by duly authorized corporate surety, an additional amount shall be included as determined by the city council as necessary to cover the cost and reasonable expenses and fees, including reasonable attorney fees, which may be incurred by the city in successfully enforcing the obligation secured.

(Ord. 379, 1975)

The improvement security required hereunder shall be released in the following manner: Security given for faithful performance of any act or agreement shall be released upon the final completion and acceptance of the act or work.

(Ord. 379, 1975)