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wa~ern',:tJn, slorm scwer and street improvements and all o~her obligations of
<br />DEVELOPER provxied ior i~erein wnhin a period specified by the City Council.
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<br />Said financi~ guarantee sh:dl provide that the CITY possess the statutory power to enforce
<br />such financial guarantee b.~ all appropriate and }eg,'d remedies. The financial guarantee sha!!
<br />be satisfied by the DEVELOPER depositing a surety with the CITY as follows: The
<br />DEVELOPER shall deposit ii surety in the amount of Ninety One Thousand Four
<br />Hundred Dollars and no cents ($91~400,0~)) to ensure the construction of the remaining
<br />sn'eet and utility improvements necessaJs, to sen'ice all lots within the Plat, The above
<br />amount ret>resents One-hundred thin), percent (130%) of the anticipated construction cost
<br />of the improvement's with the excess over ]00% sufficient to cover the cost of engine.ring.
<br />staking, inspections and administrative costs associated with installintg the remaining
<br />improvements. This surety shall be released upon completion and acceptance of the
<br />outstandin.$ improvements.
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<br />The total cost of the public improvements installed to date are estimated to be Forty Four
<br />Thousand Five Hundred Dollars and no cents ($,.¢4,500.00). ~¢scause of the need to
<br />guarantee paymem of the spedal assessments, a letter of credi~ :mall b~. re~uired in the
<br />amount of Eight Thousand Nine Hundred Dollars and no cents ($8.900.00), which
<br />represents twenty percent (20%) of the above costs. This letter of credit shall be effective
<br />and in force for a term of five (5) yezL,-s. The DEVELOPER a~ees to supply the financial
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<br />=u_ant,.~s~, ..... ' r~r~r~n~.~d'~,'" ~ herein upon execution of this ~ ~'-' '~ ;
<br />
<br />Sro_de I tmprovernent Mainlenance Financial Guarantee. in addition to the
<br />financial.' f-.u.,.,,.,nt ......... .... ,~mr~,..~ ' ~4 Dx, Pm-z~ash~ . 6 above, the DEVELOPER sh~! also .sos;
<br />St~'~_._. I imnrovemem maintenanct 5'-'u..,-*ant~--- ...... with the CITY. Said maintenance ~uarantee
<br />shal! be ,4,~ ',':"~ with ' CITY z: me nme Sra~e ~ ...... , _m~n ....... '
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<br />above. -'r-. ~,,~ 'r'.~,- "r" , .... ,~ 0.000.00~: ..... n,.nan~.~ guarantee shall ~ held by the
<br />CITY for a one "! x ,,. ssriocl ':"o", ,' '~ dar,' of . _
<br /> ..... ,n~ ~ its ciesosit. This finaneia! ~uaramee is for
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<br />the sumose ofinsufin~ th.'-'.: th~ St'~,,-' ~ ~ '" '~ q
<br /> . , _ -e- - ,mDro',,.m~.nt. have been constructed in accordance
<br />v, ,.., .... s.,nc,..,..s and mx,,' o~ ur)on a: .'.ne CITY'S dis~etion audn.: said on: r~
<br />yea- Deride if me CITY cieems ir nezessa_,-,' to reoair and/or replace an,., of the Stage i
<br />
<br />;~,--a ........ 5~d '-'4 ...... ~',~ ~ ........ ,'~ sh~! 'se in :~'" fo,.'-m., of a letter of ~edi:. aD~,,ox
<br />· .,~ ,', ;,-,~ ",' ,;-~- CITY.
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