California Government Code

§ 66499

GOV § 66499Div. 2 · Title 7 · Ch. 5

Statute text

(a)Whenever this division or a local ordinance authorizes or requires the furnishing of security in connection with the performance of any act or agreement, if the developer is not a nonprofit corporation described in subdivision (c) of Section 66499.3, the security shall be one of the following at the option of and subject to the approval of the local agency and if the developer is a nonprofit corporation described in subdivision (c) of Section 66499.3, the security shall be one of the following, subject to the approval of the local agency:

(1)Bond or bonds by one or more duly authorized corporate sureties.

(2)A deposit, either with the local agency or a responsible escrow agent or trust company, at the option of the local agency, of money or negotiable bonds of the kind approved for securing deposits of public moneys.

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Legislative history

Amended by Stats. 1988, Ch. 1308, Sec. 2.