§ 88-16.010. Security.

(a)

Required. A cash deposit, letter of credit or corporate surety bond shall be deposited at all times to ensure compliance with the conditions required by this chapter.

(b)

Form. A corporate surety bond shall be in a form approved by the county counsel. An instrument of credit shall be in a form approved by the county counsel, from a financial institution regulated by the state or federal government pledging that the funds necessary to meet the performance are on deposit and guaranteed for payment on demand and agreeing that the funds designated by the instrument shall become trust funds for the purposes set forth in the instrument.

(c)

Amount. The amount of the security shall be determined by the zoning administrator and shall be in an amount sufficient to pay for the pick-up and disposal of trash, litter and garbage required by Section 88-16.006 approximately fifteen times. Should the amount of the security deposited fall below the amount required to be deposited, the difference shall be deposited forthwith so that at all times the county has access to the amount of security required by this section.

(d)

Performance Bond—Notice of Default. When the security deposited is in the form of a surety bond, and the director of community development finds that a default has occurred in the performance of any term or condition imposed pursuant to this chapter, he shall give written notice thereof to the principal and surety on the bond, stating the work to be done, its estimated cost, and the period of time reasonably necessary to perform the condition.

(e)

Performance Bond—Duty of Surety. After receiving a notice of default, the surety shall have the required work performed within the time specified in the notice.

(f)

Other Security—Notice of Default. Whenever the instrument deposited is in the form of a cash deposit or instrument of credit, and the director of community development finds that a default has occurred in the performance of any term or condition imposed pursuant to this chapter, he shall give written notice to the principal of those matters set forth in subsection (d) of this section. If the principal does not comply with the notice within the specified time, the director of community development may use any deposited cash to have the work done by contract or other means discretionary with the director of community development, or if the security is in the form of an instrument of credit, he may demand immediate payment of the necessary funds from the financial institution, and use the funds as he would a cash deposit.

(Ord. 89-5 § 2).