Cash Deposit, Certified Check, Certificate of Deposit, or Irrevocable Bank Letter of Credit. A cash deposit, certified check, certificate of deposit, or an irrevocable bank letter of credit (issued by a local bank in the Valley County or Treasure Valley area), in the amount equal to 150% of the estimated construction costs of public improvements, shall be provided by the owner/developer and held by the city until said construction is complete. Construction cost estimates shall be reviewed and approved by the Administrator prior to city acceptance of said surety. The surety initiation and extension fees shall be established by resolution of the city council.
In the case of cash deposits or certified checks, an agreement between the city council and the subdivider may provide for progressive payment out of the cash deposit or reduction of the certified check, to the extent of the cost of the completed portion of the public improvement, in accordance with a previously entered into agreement.