16.26.020 Required.
Whenever this title authorizes or requires the furnishing of security in connection with the performance of any act or agreement, the security shall be one of the following, at the option of, and subject to approval of, the city council subject to the advice and consent of the city attorney:
A. A subdivision bond or bonds issued by one or more duly authorized corporate sureties;
B. A deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of money or negotiable bonds of the kind approved for securing deposits of public money;
C. An instrument of credit from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment;
D. A bond or bonds to secure the faithful performance or for the security of laborers and materialmen shall be in substantially the form prescribed by Section 66499.1 or 66499.2 of the Subdivision Map Act, respectively. (Ord. 90-1 (part), 1990)