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A. The cash, surety, irrevocable standby letter of credit or certificate of occupancy hold letter shall be deposited with the Planning and Development Department in an amount equal to the amount of the cost of the work of each recorded increment (as determined by the Planning and Development Department) guaranteeing that the work will be completed in accordance with City details and specifications. The Planning and Development Department shall determine the type of deposit required and shall give the applicant a receipt for such deposit.

B. The surety bond shall be executed with a corporation duly authorized to transact surety business in the State of Arizona, as surety. The bond shall be in favor of the City, shall be continuous in form, and shall be conditioned that the total aggregate liability of the surety for all claims shall be limited to the face amount of the bond, irrespective of the number of years the bond is in force. The bond, cash or certificate of occupancy hold letter shall be released upon satisfactory performance and acceptance of the work by the City. (Ord. No. G-3588, § 2; Ord. No. G-5590, § 1, 2011; Ord. No. G-5707, 2012)