§ 19.05.070. Security deposit.

The security submitted for the construction of the park facilities pursuant to Section 19.05.060 of this chapter may be as follows:

(a)

A deposit of cash or approved government securities;

(b)

A surety bond issued by a surety company authorized to do business in the state in a form approved by the district attorney;

(c)

An agreement with a local financial institution which provides generally that, out of the funds loaned to the developer for the construction of the subdivision or development, the lending institution will require that sufficient funds to complete the park facilities and the removal of all rubbish, trash, debris, surplus material and equipment from the area that is to be improved and the adjacent properties will be set aside and used for that purpose, that the lending institution will maintain a ten-percent retention of the funds until the installation of the park facilities has been approved by the county and that the release of funds must be approved by the director of parks and recreation; or

(d)

A first deed of trust which names the county as beneficiary on real property located in or near the county and which is accompanied by agreements by the trustor and the developer by which they contract with the county to provide the park facilities. The total cost of the park facilities, as set forth in the agreements, shall not exceed seventy percent of the estimated market value of the property which is the subject of the deed of trust.

(Ord. 3503 § 11, 2007: Ord. 3000 § 11, 2003; Ord. 1360 § 1 (part), 1992)