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The improvement agreement referred to in Section 16.32.010 shall be secured by one of the following:

1. A bond or bonds by one or more duly authorized corporate sureties;

2. A cash deposit with the city; or

3. An irrevocable letter of credit from one or more responsible financial institutions regulated by state or federal government and pledging that the funds are on deposit and guaranteed for payment on demand by the city. (Ord. 4677 § 1, 2012; Ord. 3515 § 1, 1993)