For purposes of Sections 4-281, 4-330, and 23-116 of this Code, a certificate of guarantee is an instrument issued by an organization or entity which is approved by the County Attorney and meets such capitalization and other reasonable criteria as the County Executive may establish by regulation, including, but not limited to, the demonstrated expertise of the issuing organization or its members in construction; the estimated cost of the work to be performed by the permittee; the estimated cost of all work guaranteed by the issuing organization or entity; and the incidence of violation of, or otherwise failing to comply with, the provisions of Subtitle 4 or 23 of this Code by members of the issuing organization or entity. The determination of eligibility of a permittee to post a certificate of guarantee shall be in the sole ultimate discretion of the County Attorney. The County Executive is authorized to promulgate rules and regulations to implement the provisions of this Section. Such regulations and any amendments thereto shall be filed with the Clerk of the County Council.