16.26.030 Amount.
A. The improvement security shall be in the amounts set forth as follows:
l. An amount which equals one hundred percent of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement;
2. An additional amount which equals one hundred percent of the total estimated cost of the improvement or performance of the required act, securing payment to the contractor, his subcontractors and to persons furnishing labor, materials or equipment to them for the improvement of the performance of the required act;
3. An amount determined by the director of public works necessary for the guarantee and warranty of the work for a period of one year following the completion and acceptance thereof and against any defective work or labor done or materials furnished.
B. If the improvement security is other than a bond or bonds furnished by duly authorized corporate surety, an additional amount shall be included as determined by the city council as necessary to cover the cost and reasonable expenses and fees, including reasonable attorneys' fees, which may be incurred by the city in successfully enforcing the obligation secured.
C. The improvement security shall also secure the faithful performance of any changes or alterations in the work to the extent that such changes or alterations do not exceed ten percent of the original estimated cost of the improvement. (Ord. 90-1 (part), 1990)