Security to guarantee performance of any act or agreement shall be in the following amounts:
(1) To secure faithful performance, one hundred percent of the total cost estimated by a civil engineer and approved by the city engineer as the cost of the improvement or of the act to be performed;
(2) To secure payment to the contractor, his subcontractors and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act, an additional fifty percent of the above-mentioned total estimated cost;
(3) To secure against any defective work or labor done, or defective materials furnished, ten percent of the above-mentioned total estimated cost shall be retained by the city for a period of one year following the completion and acceptance thereof;
(4) To cover the costs of enforcing the obligation secured, there shall be added to the face amount of the security required under subsections (a), (b), and (c) of this section, the costs, expenses, and fees including reasonable attorneys’ fees, reasonably estimated by the city engineer as necessary to enforce the obligation in the event of default by the subdivider;
(5) To cover required subdivision improvements financed and installed pursuant to special assessment proceedings, the city engineer at his or her option may determine that, upon the furnishing by the contractor of the faithful performance and labor and material bonds required by the special assessment act being used, the subdivider’s improvement security may be reduced by an amount corresponding to the amount of such bonds so furnished by the contractor. Such money, negotiable bond or instrument of credit shall institute a trust fund to guarantee performance and shall not be subject to levy or attachment by any creditors of the depositor until the obligation secured thereby is performed to the satisfaction of the city. (Ord. No. 1500, § 3 (part).)