§ 9-64.070. Improvement Security

Any improvement, contract, or act required or authorized by the Subdivision Map Act, for which security is required by the Subdivision Map Act or this Chapter, shall be secured in the manner and amounts provided in Government Code Section 66499(a) and this Article. No Final Map or Parcel Map shall be signed by the City Engineer or submitted for approval until all improvement securities required by the Subdivision Map Act and this Article have been received and recorded if applicable. The form of security shall be one or more of the following or a combination as authorized in Government Code Section 66499(a):

A.

Bond or bonds by one or more duly authorized corporate sureties licensed to operate in California and signed by an agent headquartered in California. The form of the bond or bonds shall be in accordance with Government Code Sections 66499.1 and 66499.2 and bond form(s) shall be approved by the City Attorney.

B.

A deposit, either with the local agency or a responsible escrow agent or trust company, at the option of the local agency, of money or negotiable bonds of the kind approved for securing deposits of public moneys.

C.

An instrument of credit from an agency of the State, Federal, or local government when any agency of the State, Federal, or local government provides at least 20 percent of the financing for the portion of the act or agreement requiring security, or from one or more financial institutions subject to regulation 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, or a letter of credit issued by such a financial institution.

D.

A recorded lien upon the property to be divided, created by contract between the owner and the local agency, if the local agency finds that it would not be in the public interest to require the installation of the required improvement sooner than two years after the recordation of the map.

E.

Any recorded form of security, including security interests in real property having a value of not less than 100 percent of the required security, which is in a form acceptable to the City Attorney, subject to the approval of the City Manager, to guarantee the construction of the improvements.

(§ 5, Ord. 1085, eff. January 6, 2006)