Humboldt County Municipal Code § 326-6 Subdivision Security Amounts

Prior to the execution of the agreement (by the County) provided in Section 326-2, the subdivider shall furnish the County with the following securities: (Ord. 1365, § 1, 11/06/79) (a) A good and sufficient security given for faithful performance of the agreement in an amount equal to the approved cost estimate. (Ord. 1365, § 1, 11/6/1979) (b) A good and sufficient security securing the payment to laborers and materialmen in an amount equal to fifty percent (50%) of the approved cost estimate. (Ord. 1365, § 1, 11/6/1979) (c) A good and sufficient security securing the subdivider’s guarantee and warranty of workmanship and materials in an amount equal to five percent (5%) of the approved cost estimate. (Ord. 1365, § 1, 11/6/1979) (d) A good and sufficient security securing subdivider’s obligation to pay County’s reasonable expenses, fees and attorney fees incurred in successfully enforcing the subdivision agreement in an amount equal to five percent (5%) of the approved cost estimate. (Ord. 1365, § 1, 11/6/1979)

(e) A good and sufficient security in an amount equal to estimated cost of setting all monuments. (Ord. 1365, § 1, 11/6/1979) (f) A certificate from the County Tax Collector showing that all payable taxes are paid and, in the case of a Final Map Subdivision, a bond for the payment of taxes then a lien but not yet payable. (Ord. 1365, § 1, 11/6/1979) (g) Evidence of cash payment of all fees required for the checking and filing of maps, for the inspection of improvements, and for the payment of street signs and traffic control devices to be furnished and installed by the County. (Ord. 1146, § 65, 7/19/1977; Ord. 1365, § 1, 11/6/1979)

As used in Section 326-6, “good and sufficient security” means any of the following: (Ord. 1365, § 2, 11/06/79) (a) A bond or bonds by one or more duly authorized corporate sureties. (Ord. 1365, § 2, 11/6/1979) (b) A deposit, either with the County or a responsible escrow company or trust company, at the option of the County, of money or negotiable bonds of the kind approved for securing deposits or public moneys. (Ord. 1365, § 2, 11/6/1979) (c) An instrument of credit from one or more financial institutions subject to the regulation by the State or Federal government and pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment. (Ord. 1365, § 2, 11/6/1979) (d) A lien upon the property to be divided, created by contract between the owner and the County, if the Advisory Agency expressly finds that it would not be in the public interest to require the installation of the required improvement sooner than two (2) years after the recordation of the map. (Ord. 1365, § 2, 11/6/1979) (e) In the case of parcel map subdivisions of four (4) or fewer lots, a lien upon real property if approved by the Director of Public Works. (Ord. 1365, § 2, 11/6/1979)

(a) The Director of Public Works shall have the discretion to accept or reject liens upon real property offered as good and sufficient subdivision security. (Ord. 1365, § 3, 11/6/1979) (b) In considering offered liens, the Director of Public Works may consider any factor he finds relevant and may require the subdivider to submit such information he deems necessary. (Ord. 1365, § 3, 11/6/1979) (c) An application to the Director of Public Works shall contain the following: (Ord. 1365, § 3, 11/06/79) (1) A current appraisal prepared by an independent appraiser commonly accepted by financial institutions or a certified copy of the Humboldt County Assessor’s appraisal. (Ord. 1365, § 3, 11/6/1979)

(2) A current preliminary title report. (Ord. 1365, § 3, 11/6/1979) (3) A current credit report. (Ord. 1365, § 3, 11/6/1979) (4) A contract for the installation of the subdivision improvements unless the subdivider is licensed to perform such work. (Ord. 1365, § 3, 11/6/1979) (5) A loan commitment or other source of funding the construction. (Ord. 1365, § 3, 11/6/1979) (6) Two (2) copies of the tentative map and letter of approval. (Ord. 1365, § 3, 11/6/1979) (7) An application fee in the amount set by resolution of the Board of Supervisors. (Ord. 1365, § 3, 11/6/ 1979) (d) Subdivision real property liens shall be senior to all other liens and shall not exceed seventy percent (70%) of the appraised unsubdivided value of the property. (Ord. 1365, § 3, 11/6/1979) (e) Upon approval, an escrow shall be opened providing for the preparation of the deed of trust, issuance of a standard form title policy in favor of the County of Humboldt in the amount of the lien, closure of escrow within forty-five (45) days and payment of all escrow cost fees and expenses by the subdivider. (Ord. 1365, § 3, 11/6/1979) (f) The Director of Public Works may grant partial releases as long as the sufficient security remains to cover uncompleted improvements. (Ord. 1365, § 3, 11/6/1979)