Sec. 25-63. - Amount of security.

(a)

A performance bond or security in the amount of one hundred percent (100%) of the estimated construction cost to guarantee the construction or installation of all improvements shall be required of all subdivisions. An additional amount of fifty percent (50%) of the estimated construction cost shall be required to guarantee the payment to the subdivider's contractor, subcontractors, and to persons furnishing labor, materials or equipment for the construction or installation of improvements. If a set aside letter is used as security, an additional twenty percent (20%) of the estimated construction cost will be required in addition to the one hundred fifty percent (150%) as stated above.

(b)

The estimate of construction or installation costs shall be as approved by the county and shall provide for:

(1)

Not less than five percent (5%) nor more than ten percent (10%) of the total construction cost of contingencies;

(2)

Increase for project inflation computed to the estimated midpoint of construction;

(3)

In addition to full amount of the security, there shall be included costs and reasonable expenses and fees, including attorney and expert fees, incurred in enforcing the obligation secured.

(c)

The estimate of maintenance costs for items such as landscaping and irrigation shall include estimated maintenance for up to five (5) years.