In lieu of the required improvements, the road commissioner may accept from any responsible person a contract to make such improvements. Said improvements shall be completed within the time specified in the agreement to improve, except that the road commissioner may grant such additional time as he or she deems necessary if, in the opinion of said road commissioner, a good and sufficient reason exists for the delay.
Such contract shall be accompanied by a deposit with the city council of a sum of money or negotiable bonds or savings and loan certificates or shares in an amount which, in the opinion of the road commissioner, equals the cost thereof. If savings and loan certificates or shares are deposited, the owners thereof shall assign such certificates or shares to the city of La Cañada Flintridge and such deposit and assignment shall be subject to all the provisions and conditions of Article III E of LACC Ordinance No. 4099.
If the estimated cost of the improvements equals or exceeds $1,000 in lieu of such deposit the applicant may file with the city council a corporate surety bond guaranteeing the adequate completion of all of the improvements, in a penal sum equal to such estimated cost.
Upon the failure of said responsible person to complete any improvement within the time specified in an agreement, the city council may, upon notice in writing of not less than ten days served upon the person, firm or corporation signing such contract, or upon notice in writing of not less than 20 days served by registered mail addressed to the last known address of the person, firm or corporation signing such contract, determine that said improvement work or any part thereof is incomplete and may cause to be forfeited to the city such portion of deposits or bonds given for the faithful performance of said work, or may cash any instrument of credit so deposited in such amount as may be necessary to complete the improvement work.
(LACC Ord. 1494 § 496, 1974; Ord. 11 § 2, 1977)