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1 ORDINANCE N0.
2 AN ORDINANCE OF THE CITY OF SAN BERNARD NO AMENDING ORDI-
NANCE N0. 1984 ENTITLED IN PARS "AN ORDINANCE ,GOVERNING THE
3 PLATTING Ai`ID SUBDIVIDING OF LAND AND PROVIDING FOR THE
FILING OF AN INSTRUMENT OR INSTRUMENTS OF CREDIT IN LIEU OF A
4 PERFORMANCE BOND.
5 THE I°fAYOR AND COMMON COUNCIL OF THE CITY OF SAN BEItNARDINO
DO ORDAIN AS FOLLOWS;
6 SECTION 1. Ordinance No. 1984! Section 3.21 Subsection D
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is hereby amended to read as follows:
SI "D. In lieu of the bonds herein above required the sub-
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9 divider may deposit with a responsible escrow agent duly licensed
l0I under the laws of the State of California, d sum of money in an
111 amount not less than the City Engineers estimate of the total
12 cost of the improvements plus 50 percents and said sum shall not
13~ be withdrawn without the consent of the City.
14'~ In lieu of the bonds herein above required the subdivider fl,
15~jmay present to the City a negotiable Time Certificate of Degosit
16payable to the order of the City with. a maturity date of one year
17~or later or with an automatic renewal provision therein and repre-
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18j,~Isenting a deposit of money in an amount not less than the City
19
i~Engineer~s estimate. of the total cost of the improvements, plus
20I,I' 50 percent.
21 In lieu of the bonds hereinabove required the subdivider
22 ~
~ may present to the City an instrument or instruments of credit
23 from one or more financial institutions subject to regulation by
24 the state or federal government pledging that the funds necessary
25 to meet the performance are on deposit and guaranteed for payment
26 and agreeing that the funds desrgi~ated by the instrument shall
27 become trust funds for the purposes set forth in the instrument."
28 I HEREBY CERTIFY that the foregoing ordinance was duly
29 adopted by the Mayor and Common Council of the City of San Ber-
30 nardino at a ` ~ meeting thereofi held on the.
31 ~ day ~ ^is~- ~ 1972 by the following vote,
32 to wit: '
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1 AYES; CouncilmenL ~~~,>~/,v:i ~i
2 l ~ -s
3 NOES : xL~ , `7_~,. ~~~~ta~~-~~G_
¢ ABSENT:
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The foregoing ordinance is hereby approved this
8 _
day of ~ 1972a
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10 ~ L~'/i~ Cam' , , /
11 ayor o e i o an ernar ino
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Approved as to form:
13 j
Li~A~ orney ~
15 CP)
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