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§ 9.50.30 <br /> <br />the City. Source of City funding shall not <br />be a determinate of financial participation. <br /> <br />Assessments. The procedure for the installation and assessment of <br />the cost of improvements under this Section shall be the same as that <br />provided for improvements ;,n land in areas zoned for Residential <br />classifications pursuant to §9.50.50 Subd. 4 except that: <br /> <br />1. Special assessments for the cost of sanitary sewer, storm water <br /> and water system improvements shall be for a period of ten <br /> years; and <br /> <br />2. The bond or letter of credit guaranteeing payment of the special <br /> assessments for sanitary sewer, storm water and water system <br /> improvements shall obligate the owner or subdivider for the <br /> length of the assessment. <br /> <br />subdivider m~ <br />expense and <br />subdividerm <br />subject to re <br />improvementi <br />and inspe~fiC <br />pursuant to §' <br />credit or bohl <br /> <br />8t3~d. 6. Subdivider may perform work, election. The owner or <br />.y ¢~ect to construct the improvements required by this Section at his own <br />,ith~u! City participation in the expense thereof. In such event, the owner or <br />y rg~atn an engineer and contractor to plan, design and install such services, <br />de,.and inspection by the City Engineer. The estimated cost of the <br />, i~luding the administrative charges of the City ~nginccr for supervision <br />~:, ~Shall be included in the owner or subdivider s contract with the City <br />L50150 Subd. 7, and the appropriate security in the form of cash, letter of <br />. Sl~a[ll be deposited with the City as required by tha, t section. ~ <br /> <br /> S..6bd. 7. Performance contract. Prior to the installation of any <br />required impr 9v ,~)ents by a subdivider and prior to Council approval of the final plat, the <br />subdivider ~l'allicnter into a contract with the City, which contract shall require the <br />subdivider to .¢o~gtruct said improvements at the sole expense of the subdivider and in <br />accordance ~Withii¢ity approved constructions plans and specifications and all applicable <br />City standard~s: ,a~ ,i:t ordinances. Said contract shall provide for the supervision of the <br />constructiOn' y th~ City Engineer and shall require that the City be reimbursed for all costs <br />incurred.bY :tlr ~ Qi.iy for engineering and legal fees and other expenses in connection with <br />the maki.ng Oi!St~e}i improvements. The performance of said contract shall be financially <br />secured by:alica~ escrow deposit or per,%rm, ance bend financial surety as <br />hereinafter s~ fQ~h. No performance contract or financial security shall be required for <br />any imprOV¢~e~hich is not a requirement for approval of the final plat. The contract <br />shall also pr0~,id~Ithat the subdivider give a one year warranty.and guarantee to the City <br />from dat~ ~f acceptance by the £it§ on all improvements constructed <br />......... e .... ~.~vmnc.~: ....... ;.off behalf of or dedicated to the <br />City. ~r <br /> <br /> 'I ; @ ' ' I ~ .... o ..,; NT <br /> ,, 80hd. ,,. Finanela. ~,eeur-]t~ubdt-msion .... th ,,on-,~.,: <br />pa r-timp a tlo~ ~,-~he-~er-fommnc-e-eontra,~,:..,, ,,.-- ohalt-r~outre-t~,, ~d__ ............... h <br /> <br />and-u pon-th~ing-e~ndifionv. <br /> <br /> <br />