§ 18.14.303. Security for Public Improvements.

(a)

Security Required. The security for public improvements shall be on a format approved by the city attorney, shall accompany the improvement agreement, and shall be in such amount as set by the administrator, corresponding to the improvement agreement, to ensure that all public improvements required by this chapter will be provided and installed by the subdivider/developer within a period as set forth in the improvement agreement.

(Ord. No. 3074, § 2, 4-11-83; Ord. No. 3125, § 1, 9-12-83; Ord. No. 3359, § 1, 2-10-86; Ord. No. 4169, § 1, 11-26-91; Ord. No. 4183, § 1, 2-11-92; Ord. No. 4219, § 1, 4-28-92)

(b)

Reductions in Security.  

(1)

A reduction of the security for public improvements may be considered once each calendar year or upon completion of 25 percent, 50 percent, or 80 percent of the secured items. The dollar amount of no one item, as set forth in Exhibit "A" to the improvement agreement, shall be reduced below ten percent of the original item amount and further the security shall at no time be reduced below 20 percent of the original security amount or as stipulated in the improvement agreement until all improvements have been completed and accepted by the city. The following procedure is to be followed when requesting a reduction in security:

a.

The-subdivider/developer shall make a formal request in writing to the city that the security be renegotiated.

b.

The project engineer must provide the city with an estimate of the work remaining in the format as provided by the city.

c.

The city will determine the total amount of security reduction allowed based on the estimated amount of work remaining as provided by the project engineer and verified by the city, and shall provide the subdivider/developer with a revised Exhibit "A".

d.

The subdivider/developer shall submit to the city new security, in the format as provided by the city with revised Exhibit "A" attached, for the improvements remaining.

e.

Upon approval as to legal form of the new security by the city attorney, the new security will be filed with the city clerk and the old security document returned.

(2)

When a reduction in security is requested, service charges are required in accordance with city requirements.

(Ord. No. 4069, § 1, 3-26-91)

(3)

In no case shall a reduction in security be construed as constituting a final acceptance of improvements by the city, either in whole or in part.

(Ord. No. 3074, § 2, 4-11-83; Ord. No. 3125, § 1, 9-12-83; Ord. No. 3359, § 1, 2-10-86; Ord. No. 3441, § 1, 12-8-86; Ord. No. 4183, § 1, 2-11-92)