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ATTY/ORD.0010/CC ORD AMENDING MUNI CODE CH.18, 27A, 30 – EXHIBIT C REV: 09-17-24 VR Page 37 of 65 C. Estimated improvement cost. The estimate of improvement costs shall be as approved by the City Engineer and shall provide for all of the following: 1. Total construction costs. 2. Fifteen percent of the total construction and construction management and inspection cost for contingencies. 3. Increase for projected inflation computed to the estimated end of construction. 4. All utility installation costs or a certification acceptable to the City Engineer from the utility company that adequate security has been deposited to ensure installation. 5. Enforcement costs calculated as $25,000 or five percent of the estimated construction cost, whichever is greater. These enforcement costs are not added if the bond language includes enforcement costs in addition to the face amount of the bond. D. Form of security. The form of security shall be one or the combination of the following subject to the approval of the City: 1. A bond by an insurer admitted to transact surety insurance in California. The provisions of the bond shall be in accordance with Government Code Sections 66499.1, 66499.2, 66499.3, and 66499.4. 2. A deposit, either with the City or a responsible escrow agent or trust company, at the option of the City, of money or negotiable bonds of the kind approved for securing deposits of public money. 3. An instrument of credit from an agency of the state, federal, or local government when the agency of the state, federal, or local government provides at least 20 percent of the financing of the portion of the project requiring security. 4. A lien upon the property to be divided, created by contract between the owner and the City, if the City finds that it would not be in the public interest to require the installation of the required improvement sooner than two years after the recordation of the map. The lien shall be in compliance with Government Code Section 66499(b).