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3/8/85 BP/jm 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 ORDINANCE NO. 5269 AN ORDINANCE OF THE CITY OF RIVERSIDE, CALIFORNIA, AMENDING SECTION 18.36,020 OF THE RIVERSIDE MUNICIPAL CODE RELATING TO THE SECURITY FOR THE CONSTRUCTION OF PUBLIC IMPROVEMENTS REQUIRED AS A CONDITION OF APPROVAL FOR TRACT AND PARCEL MAPS TO ALLOW THE USE OF ASSESSMENT DISTRICT FINANCING AND LETTERS OF CREDIT. The City Council of the City of Riverside, California, does ordain as follows: Section 1: Section 18.36.020 of the Riverside Municipal Code is hereby amended in order to allow the use of assessment district financing as security for the construction of public improvements required as a condition of approval for tract and parcel map, and also to make reference to a letter of credit in conformance with Section 66499(a)(3) of the Government Code of the State of California, which section shall read as follows: "18.36.020 IMPROVEMENT SECURITY. In the event a contract is entered into for completion of improve- ments, the contract shall be secured by a good and sufficient improvement security in a form satisfactory to the city attorney. 'Improvement security,' as used in this chapter, means one or more of the following: (1) a deposit or deposits made with the city of money or negotiable bonds of the kind approved for securing deposits of public moneys; (2) a bond or bonds by one or more duly authorized corporate sureties; (3) an instrument or instruments of credit from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to meet the performance are on deposit and guaranteed for payment and agreeing that the funds designated by the instrument shall become trust funds for the purposes set forth in the instrument or a letter of credit issued by such a financial institution; (4) for parcel maps creating parcels of one-half acre or more, a note secured by a first deed of trust insured by a policy of title insurance and having sufficient equity to pay for the required improvements and for materials furnished or labor thereon of any kind or for amounts due under the Unemployment Insurance Act with respect to such work or labor, with the require- ment that no building permit will be issued until the trust deed is removed and replaced with another appropriate improvement surety i~ such is required; or (5) an assessment district proceeding whose purpose is to install public improvements provided that the City Council has confirmed the assessments and ordered the proposed improvements to be made. CITY ATTORNEY RI VERSI DE CALl FORNIA