18.17.060 Construction prerequisites – Security – Cash deposits.
In lieu of the faithful performance and labor and material bonds, the subdivider may submit cash deposits under the conditions hereinafter described. Total cash deposit surety shall include:
A. A faithful performance cash deposit in an amount deemed sufficient by the City Engineer to cover 50 percent of the total cost of all required on-site and adjacent off-site improvements including 25 percent of grading and slope planting expenses as applicable.
B. A labor and material cash deposit in a like amount.
C. A monumentation cash deposit in an amount stipulated by the subdivider’s engineer to cover the cost of placing lot corners and other related monuments. Upon approval by the City Engineer of the required monument-setting work, and upon subdivider’s request, such cash deposit may be released as payment directly to the engineer or surveyor performing such work.
Disbursements from cash deposits shall be made in accordance with a separate agreement between the subdivider and the City. The required bookkeeping fee(s) shall be submitted with each such bond. Disbursements from a cash deposit filed with an approved escrow agency shall be made in accordance with a separate agreement between the subdivider and the City. Disbursements from a cash deposit in any instance shall not be permitted unless and until authorized in writing by both the subdivider and the City Engineer. (Ord. 3153 § 2 (Exh. C), 2010).