Agenda - Council - 03/28/1983 - Special

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I I I I I I I I I I I I I I I I I I I - 22 - for engineering, fiscal, legal, construction and administration. In instances where a cash escrow is submitted in lieu of a letter of credit or performance and indemnity bond, there shall be a cash escrow agreement which shall provide that in the event the required improvements are not completed within one year, all amounts held under the cash escrow agreement shall be automatically turned over and delivered to the City and applied by the City to the cost of completing the required improvements. If the funds available within said cash escrow agreement are not'sufficient to complete the required improvements, the necessary additional cost to the City shall be assessed against the subdivision. Any balance remaining in the cash escrow fund after such improvements have been made and all expenses therefor have been paid shall be returned to the subdivider. In instances where a letter of credit is used in lieu of a cash escrow or performance and indemnity bond, said letter of credit shall be in a form satisfactory to the City and the terms thereof shall substantially comply with the procedure as set forth for a cash escrow fund. In instances where a performance and indemnity bond is used in lieu of a cash escrow or letter of credit, said bond shall be in a form acceptable to the City and shall comply with all requirements as set forth in Minnesota Statutes, Section 574.261, as amended, which Statutes related to surety bonds. 170.039I .-~ONSTRUCTION PLANS (ALL DEVELOPMENT AREAS) Construction plans and specification for the required improvements conforming in all respects with the code and ordinances of the Cit~ shall be prepared at the expense of the subdivider by a professional engineer registered by the State of Minnesota. Such plans and specifications shall be approved by the City Engineer and shall become a part of the performance contract. Two (2) prints of said plans and specifications shall be filed with the City Administrator or his designated representative. I70.039J INSPECTION (ALL DEVELOPMENT AREAS) All required improvements shall be inspected during the course of construction by the City Engineer and acceptance of said improvements by the City shall require the prior written certification by the City Engineer that said improvements have been constructed in compliance with the plans and specifications. 170.039K PRIOR IMPROVEMENTS Improvements which have been completed prior to application for final plat approval or execution of the performance contract shall be accepted as equivalent improvements provided the City Engineer shall certify in writing that said improvements conform the City standards.