CHAPTER 21. SUBDIVISIONS.
Article 13. Improvement Security.
Sec. 21-13-3. Release of improvement security.
The security furnished by the subdivider may be reduced in whole or in
part in the following manner:
(1) Security given for faithful performance of
any act or agreement may be released upon the performance of the act or final
completion and acceptance of the required work. The city engineer may earlier
authorize partial release of the security upon the corresponding partial
performance of the act or the acceptance of the work as it progresses,
consistent with the provisions of Section 66499.7 of the Subdivision Map
(2) After passage of the time within which claims of lien are required
to be recorded pursuant to Civil Code Section 3114 et seq., security securing
payment to the contractor, his or her subcontractors and to persons furnishing
labor, materials or equipment shall be reduced to an amount equal to the total
claimed by all claimants for whom claims of lien have been recorded and notice
thereof given in writing to the city council. If no claims have been recorded,
the security shall be released in full. Such release shall not apply to any
required guarantee and warrant period nor to the amount of the security deemed
necessary by the city for such guarantee and warranty period nor to costs and
reasonable expenses and fees, including reasonable attorneys’ fees, as set
forth in the Section 21-13-2. (Ord. No. 1500, § 3 (part).)