21.44.220 Improvement security--Amount.
A performance bond or security in the amount of one hundred percent of the estimated construction cost shall be required for all subdivisions to guarantee the construction or installation of all improvements.
An additional amount of fifty percent of the estimated construction cost shall be required to guarantee the payment to the subdivider’s contractors, and to persons furnishing labor, materials or equipment for the construction or installation of improvements.
The estimate of improvement costs shall be as approved by the City Engineer and shall provide for:
A. Not less than five percent nor more than ten percent of the total construction cost for contingencies.
B. Increase for projected inflation based on total cost, computed to the estimated mid-point of construction.
C. All utility installation costs or a certification acceptable to the City Engineer from the utility company that adequate security has been deposited to insure installation.
D. In addition to the full amount of the security, there shall be included costs and reasonable expenses and fees, including attorney’s fees, incurred in enforcing the obligation secured. (Ord. 5793-NS § 2 (part), 1987)