Subdivisions: release of performance security.

The Subdivision Map Act and local ordinances authorize or require, under specified circumstances, the furnishing of specified types of security with respect to the performance of various acts or agreements subject to the act. Existing law, until January 1, 2011, also sets forth the specific procedures imposed on a local agency for the complete or partial release of a performance security furnished by a subdivider. This bill would extend the repeal date of the provisions relating to the procedures for releasing a performance security, from January 1, 2011, to January 1, 2016, thereby extending their operation and imposing a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions.