§ 1400-460. FORM OF SECURITY

(a)

A bond or bonds by one or more duly authorized corporate sureties to secure the faithful performance of any agreement or for the security of laborers and materialmen shall be in substantially the form prescribed by Section 66499.1 and 66499.2 of the Subdivision Map Act.

(b)

Amount of Security. Security to guarantee the performance of any act or agreement shall be in the following amounts:

(1)

The total estimated cost of the improvement or of the act to be performed as determined by the Public Works Director, conditioned upon the faithful performance of the act or agreement; and

(2)

An additional amount that is 100% of the total estimated cost of the improvement or the performance of the required act, securing payment to the contractor, to the subcontractors, and to persons furnishing labor, materials, or equipment to them for the improvement or the performance of the required act. If the security consists of a cash deposit or an instrument of credit, the amount shall be 50% of the total estimated cost of the improvements.

(3)

Five percent (5%) of the security shall be retained for the guaranty and warranty of the work for a period of one year following completion and acceptance against defective work or labor done, or defective materials furnished.

(c)

Liability of Security. Any liability upon the security given for the faithful performance of any act or agreement shall be limited to the condition prescribed by Section 66499.9 of the Subdivision Map Act.

(d)

Release of Security. Improvement security may be released in whole or in part in the manner prescribed by the Board of Supervisors consistent with the provisions of Government Code 66499.7.

([1334] Ord. 1583, Sec. 1; March 12, 2013)