Sec. 25-62. - Improvement security required.

The furnishing of security shall be required in connection with any improvement agreement. No final or parcel map may be approved until all required security has been received and approved. Unless a different form of security allowed in Government Code Section 66499 is specifically authorized by the board of supervisors, the form of the security to ensure performance, payment of labor and materials, maintenance and warranty, shall be one (1) or a combination of the following:

(a)

A bond or bonds by one (1) or more duly authorized corporate sureties in the form set forth in Government Code Sections 66499.1 and 66499.2;

(b)

A deposit, either with the county or a responsible escrow agent or trust company of money or negotiable bonds of kind approved for securing deposits of public monies;

(c)

An instrument of credit or a set aside letter from one (1) or more financial institutions subject to regulations 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.