Scotts Valley Municipal Code Ch. 16.52 Improvement Agreement and Securities

If the improvements specified for a subdivision for which a final map is required have not been completed prior to filing the final map, the subdivider shall, concurrent with the acceptance of the final map, enter into an agreement with the council agreeing to have the work completed within a specified time. Standard agreement forms are available upon demand from the city engineer.

(Ord. 64 § 3 (part), 1975)

To assure satisfactory completion of the improvement, securities in the form of either:

A. Bond or bonds by one or more duly authorized corporate securities.

B. A deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of negotiable bonds of the kind approved for securing deposits of public monies, certificates of deposit assigned to the city and kept in the name of the city, and/or any passbook assigned to the city and in the name of the city, for funds held on deposit by any financial institution subject to regulation by the state or federal government.

C. An instrument of credit from a financial institution, subject to state or federal regulations, pledging that the funds necessary to carry out the terms of the agreement on deposit and guaranteed for payment, or a letter of credit issued by such a financial institution.

The forms to be used for subsection A or C above, will be those furnished by the city engineer upon request.

(Ord. 64.6 § 1, 1991: Ord. 64 § 3 (part), 1975)

The securities to be furnished are as follows:

A. For "faithful performance" the amount of one hundred percent of the cost of the improvements as determined by the subdivision engineer and accepted by the director of public works, to guarantee faithful completion of the work; and

B. For "materials and labor" the amount of fifty percent of the cost of improvements as determined by the subdivision engineer and accepted by the city engineer to guarantee payment to material men and laborers furnishing materials, equipment, or labor in connection with the subdivision improvements;

C. Such other securities as may be needed in accordance with Sections 16.10.180, 16.10.200, 16.42.020A and 16.48.010.

D. As part of the obligation guaranteed by the security and in addition to the face amount of the security, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the city in successfully enforcing the obligation secured.

(Ord. 64 § 3 (part), 1975)