§ 94-4.406. Cash deposit and performance security.

A cash deposit, equal to one percent of the estimated cost of construction of the improvements, but not less than one thousand dollars, shall be required, together with such additional security in the form of cash deposit, acceptable surety bond, or acceptable instrument of credit equivalent to the estimated cost of the improvement or the act to be performed, minus the cash deposit, guaranteeing performance of all work and repair of any defect in the improvements which occurs within one year of the acceptance of the work as complete, as set forth in the subdivision agreement. When there are no public improvements involved and the total cost of the private road improvements is less than one thousand dollars, the agreement shall be secured by a cash deposit in the full amount of the estimated cost. Upon acceptance of the work as complete, a new acceptable security guaranteeing the repair of any defective work may be substituted for the performance security. The new security shall include the cash deposit described above and shall be not less than said cash deposit or fifteen percent of the estimated cost of the construction of the improvements, whichever amount is greater, and shall be retained for the one-year guarantee period.

(Ord. 78-5).