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financial guarantee from the Developer in an amount sufficient to <br /> pay[its expenses incurred in initiating the public improvement as <br /> above described. <br /> <br /> ~ NOW, THEP~EFORE, it is agreed by and between the parties hereto <br /> as follows: <br /> <br /> ~ 1. Upon receipt of a legally sufficient public improvement <br /> initiating petition, the City shall initiate a public improvement <br /> project to extend municipal water and sanitary sewer to the Site. <br /> <br /> 2. The city will not initiate the project until it has <br /> received a financial guarantee in the amount of Twenty Thousand and <br /> no/00 Dollars ($20,000.00) in a form acceptable to the City. Said <br /> guarantee shall be maintained in a non-interest bearing escrow <br /> account at the City (the "Escrow Account"). <br /> <br /> /3. In the event the public improvement project is' not <br />const~ructed for any reason, the Developer shall be responsible for <br />all dosts incurred by the City in initiating the project and <br />administering this agreement and said costs will be charged to the <br />Escrow Account. In the event the City's costs incurred exceed the <br />amount of the Escrow Account, the Developer shall be billed for <br /> <br />expenses accordingly. Said expenses shall be paid by the Developer <br /> ? <br /> <br />within fifteen (15) days of billing by the City and failure to pay <br />the City's expenses within the fifteen (15) day billing period will <br />permit~ the city to levy an assessment against the Site for the <br />deficient amount. <br /> <br />2 <br /> <br /> <br />