A.    Adequate security may be required for any project for which a permit or other approval is required pursuant to the provisions of this chapter or the zoning code. The purpose of such security shall be to guarantee the applicant's compliance with conditions of approval and the provisions of this chapter regarding tree protection and preservation. Security may also be required at the discretion of the approving body to ensure the completion of any additional work specified as a condition of permit approval or other approvals. Security may be required to guarantee survival of plant materials for a period of one year, or such longer period as may be required by the approving body, and to guarantee replacement of such plant materials that do not survive for the prescribed time.

    B.    The security shall be in the amount of ten to one hundred percent of the estimated cost of the required work as determined by the approving body or the director of public works.

    C.    The security may be in the form of a letter of credit, cash deposit, or a combination thereof and shall be approved by the city attorney.

    D.    The terms and conditions of the security shall be determined by the approving body and shall be stated in the conditions of approval.

    E.    Security posted on actual work required shall be maintained for a period of time not to exceed five years.

    F.    Any interest earned on cash security posted shall accrue to the applicant or his or her designee.

    G.    Prior to the release of security, the consulting engineer for the project shall certify on a form to be provided by the director of public works that the grading within driplines of trees to be retained has been completed in conformance with the requirements of Section 12.36.130 of this chapter, and any conditions imposed by the approving body or the director of public works. (Ord. 455 § 2 (part), 1991)