§ 8208-3.2. Non-bond security amount.

If the improvement security is in some form other than bonds, the total amount of such security for both faithful performance and for laborers and materialmen shall be in an amount equal to 150% percent of the estimated cost of the improvements or act to be performed, and at the option of the County Surveyor any fraction ranging from one-third to two-thirds of the total amount of such security may be applied to secure faithful performance and the balance may be applied to secure laborers and materialmen.