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7. <br /> <br />speei~cat~Ons and approval of a final plat, to prescribe requirements and the extent to <br />which, a~d the manner in which the streets be graded or improved, and that the <br />DEV.I~LOPER shall provide a financial guarantee to the CITY to provide for the actual <br /> [ <br />conSt~ctign and installation of the remaining Stage I curb, gutter and street improvements <br />and a~ other obligations of DEVELOPER provided for herein within a period specified <br />by the~ Ci~ Council. <br /> <br />Said financial guarantee shall provide that the CITY possess the statutory power to enforce <br />such finanCial guarantee by all appropriate and legal remedies. The financial guarantee shall <br />be sa~sfie~ by the DEVELOPER depositing cash with the CITY as follows: The <br />DEVELOPER shall deposit a surety in the amount of Eight Thousand Six Hundred <br />Dollars ($ ,600.00) to ensure the construction of the remaining street improvements <br />necessary to service all portions of all lots within the Plat. The above amount represents <br />One:ht~ndred thirty percent (130%) of the anticipated construction cost of the improvements <br />with the eXCess over 100% sufficient to cover the cost of engineering, staking, inspections <br />and a~ministrative costs associated with installing the remaining improvements. This <br />surety ~halt be released upon completion and acceptance of the outstanding improvements. <br /> <br />The toN1 Cost of the public improvements installed to date are estimated to be Ten Thousand <br />FourHun~ed Fifty Seven Dollars ($10,457.00) per lot. Because of the need to guarantee <br />paym t of the special assessments, a letter of credit shall be required in the amount of <br />Thi~y !Seven Thousand Six Hundred Forty Five Dollars ($37,645.00), which represents <br />twentylPereent (20%) of the above costs. This letter of credit shall be effective and in force <br />for a taymof five (5) years. The DEVELOPER agrees to supply the financial guarantees <br />referenced herein upon execution of this agreement. <br /> <br />Estir~$ted iCosts, It is understood and agreed that construction cost amounts set forth in <br />this A~eement as Stage I and Stage II Improvements, unless specified as fixed amounts, <br />are estimated. The DEVELOPER agrees to pay the entire cost of said improvements <br />includit~g interest, fiscal engineering and legal charges. <br /> <br /> STA~GE'II IMPROVEMENTS AND FINANCIAL GUARANTEES: <br /> <br />Street ~le~ning. From time to time, the CITY may remove accumulations of soil, earth <br />and debris from the streets resulting from the construction of the Plat. It shall be the <br /> <br /> <br />