§ 27-115. Amount and type of security.

(a)

The amount and type of the security listed in the improvement agreement shall be approved as adequate by the city manager.

(b)

Security requirements may be met by the following:

(1)

Cashiers check;

(2)

Certified check;

(3)

Interest bearing certificate of deposit;

(4)

Irrevocable letters of credit;

(5)

Surety bond.

(c)

The amount of security shall be one hundred and ten (110) percent of the total construction costs for the required developer-installed improvements. The amount of security may be reduced commensurate with the completion and final acceptance of required improvements. In no case, however, shall the amount of the bond be less than one hundred and ten (110) percent of the cost of completing the remaining required improvements.

(d)

Standard forms are available from the city approved by the city council.

(Ord. No. 2004-10, § 1, 10-4-04)