A. Security Required. When required by this code or by the granting authority through conditions of approval, guarantees of performance shall be provided by the applicant in the form of letters of credit, certificates of deposit, cash deposits and/or other forms specified by the granting authority and approved by County Counsel. The purpose of such guarantees shall be to secure compliance with conditions of approval or the provisions of this title.
B. Amount of Security. Required security shall be furnished in the amount of 110 percent of the estimated costs of improvements or other actions being guaranteed, based on an estimate of cost prepared by a qualified professional approved by the Planning Director.
C. Authorization for Completion. Required security shall include authorization for the county or its contractors to enter upon the property in question and undertake and complete the work being guaranteed in the event of default by the applicant.
D. Update of Security. An annual review of the amount of the security may be required by the granting authority. If found to be outdated or insufficient, such security may be required to be increased in order to guarantee the original condition for which such security was required. If the security is not provided within 60 days of its due date, such action shall be grounds for setting aside the approval and for a hearing to revoke the permit.
E. This section shall not apply to SCC Title 23, Subdivision Regulations. (Ord. 902, eff. 7/6/00. Formerly 20.19)