"Security, performance" ("Performance security") means a cash deposit, surety bond, assignment of funds, escrow agreement, irrevocable letter of credit, or other financial security device acceptable to the director, received from the applicant to ensure that the work required under this title is performed and completed within the time specified in accordance with the approved plans, specifications, permit or approval requirements or conditions, and all applicable federal, state and local laws, regulations and policies. (Added by Amended Ord. 02-064, Dec. 9, 2002, Eff date Feb. 1, 2003).