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2. an irrevocable letter of credit from the Applicant in a form approved by the City Attorney, which shall be releasable when the obligation is paid in full. B. The payment of such development impact fees shall be deemed a debt due and owing to the City at such time as set forth herein, which debt shall only be deemed satisfied and discharged upon payment in full to the City. The City may pursue collection through all available legal and administrative means including, but shall not be limited to, judicial or non-judicial foreclosure of the recorded lien against the Subject Property, a demand upon the irrevocable letter of credit, and/or civil judgment against the Applicant for breach of the Fee Deferral Agreement and/or the security provided hereunder. Section 5. Extension of Inactive Plan Check and Building Permits. A. Notwithstanding Section 3 of Ordinance No. NS-2760, amending Appendix Chapter 1, section 105.3.2 of the California Building Code, 2007 Edition, the building official may grant (i) extensions of applications for a permit for a period of up to one (1) year, and (ii) more than one extension per application, both without resubmission of plans and payment of new plan review fee. B. Notwithstanding Section 3 of Ordinance No. NS-2760, adopting Appendix Chapter 1, section 105.5 of the California Building Code, 2007 Edition, the building official may grant extensions of inactive building permits for a permit for a period of up to one (1) year without resubmission of plans and payment of new fees. Section 6. Applicability. This ordinance and the incentives derived hereunder shall apply only to new development projects that have not obtained a building permit from the City at the time this ordinance is adopted by the City Council. This ordinance shall remain in effect until October 1, 2009, and as of that date is repealed unless a City Council adopts a further ordinance or resolution to extend that sunset date for an additional period not to exceed twelve (12) months. Section 7. Ordinance to Operate Exclusively. Except as set forth in this ordinance, all other provisions of the Code shall remain in full force and effect. Nothing contained in this ordinance is deemed to authorize or permit the deferral of payment of any fee or charge imposed upon Residential or Nonresidential development in the City except for those development impact fees expressly set forth in section 2 above. Section 8. Severability. If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council of the City of Santa Ana hereby declares that it would Ordinance No. NS-2775 Page 4 of 5