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City standa <br />consm~ctio <br />incurred b <br />the making <br />secured by <br />performanc~ <br />not a requi <br />subdivider <br />consmacted <br /> <br />tsf~and ordinances. Said contract shall provide for the supervision of the <br />b~ilhe City Engineer and shall require that the City be reimbursed for all costs <br />h~i¢ity for engineering and legal fees and other expenses in connection with <br />tf !Uch improvements. The performance of said contract shall be financially <br />t t~a3h escrow deposit or performance bond as hereinafter set forth. No <br />e~ atract or financial security shall be required for any improvement which is <br />m!,,rit for approval of the final plat. The contract shall also provide that the <br />:ivl; a one year warranty and guarantee to the City on all improvements <br />~ll'~)wing final acceptance by the City. <br /> <br /> '~ ilabd. 8. Financial Security Subdivisions with Non-City <br />participation, The performance contract shall require the subdivider to make a cash <br />escrow delx~sit~r, in lieu thereof, to furnish a performance bond in the following amounts <br />and upon ~h~ f~ilowing conditions. <br /> , a~ The subdivider shall deposit with the City Finance Department a cash <br /> ~ ~ amount or letter of credit equal to 125% of the total cost of such <br /> ' ~ improvements as estimated by the City Engineer, including the <br /> estimated expense of the City for engineering and legal fees and other <br /> , expenses incurred by the City in connection with the making of such <br /> ,, improvements. On a monthly basis as the project progresses, the City <br /> ~ Engineer shall estimate the amount of work completed and recommend <br /> to the City Council the amount of funds to be released to the <br /> subdivider. <br /> ~ b l In lieu of a cash escrow deposit, the subdivider may furnish a letter of <br /> ~ credit or security acceptable to the City in a penal sum equal to 125% <br /> of the total cost of such improvements as estimated by the City <br /> i Engineer, including the estimated expense of the City for engineering <br /> ~ and legal fees and other expenses incurred by the City in connection <br /> , with the making of such improvements. <br /> '.c. The making and installing of ali the improvements required by the <br /> i terms and conditions set forth by the City within one year; <br /> ~ il; Satisfactory completion of work and payment therefore, which work <br /> was undertaken by the subdivider in accordance with the developer's <br /> agreement referred to above; and <br /> <br /> e. The payment by the subdivider to the City of all expenses incurred by <br /> i the City, which expenses shall include but not be limited to expenses <br /> for engineering, fiscal, legal, construction and administration. In <br /> instances where a cash escrow is submitted in lieu of a letter of credit <br /> : or performance and indemnity bond, there shall be a cash escrow <br /> ~ agreement which shall provide that in the event the required <br /> improvements are not completed within one year, ail amounts held <br /> ~ under the cash escrow agreement shall be automatically turned over <br /> and delivered to the City and applied by the City to the cost of <br /> completing the required improvements. If the funds available within <br /> ~ said cash escrow agreement are not sufficient to complete the required <br /> ~ ~; improvements, the necessary additional cost to the City shall be <br /> · : assessed against the subdivision. Any balance remaining in the cash <br /> escrow fund after such improvements have been made and all <br /> ~ ~ expenses therefore have been paid shall be returned to the subdivider. <br /> In instances where a letter of credit is used in lieu of a cash escrow or <br /> performance and indemnity bond, said letter of credit shall be in a <br /> <br /> <br />