§ 20-87. Bond.

Latest version.

In the event that an association assumes responsibility for construction of local park or recreational facilities, a surety bond to be approved by the board of supervisors shall be furnished by the association in an amount equal to the cost estimate approved by the director of the appropriate parks and recreation district and by its terms to inure to the benefit of that district for land acquisition purposes or the cost of first-stage park improvements or both. In lieu of the performance bond, a cash deposit or instrument of credit shall be made with the county or with an escrow depository as provided in the Subdivision Map Act. The surety shall be fully released by the county upon completion of the proper land acquisition for parks or completion of first-stage park development approved by the director of the appropriate parks and recreation district. (See section 20-6.5)

(Ord. No. 3188, § 1(Exh. A), 3-14-95)

                    
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