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to City ordinance in the amount of $319,000.00; and further <br />agrees to provide, after the completion of the improvement <br />described in paragraph 2(a), a performance bond for the <br />improvement described in paragraph 2(b) pursuant to city <br />ordinance in the amount of $128,400.00; which said performance <br />bonds shall guarantee that the Developer complies with all <br />of the requirements as ~et forth aforesaid and the installation <br />of all of said imprOvementS in a good and workmanshiplike <br />manner, pursuant to the plans and specifications and requirements <br />of the city Engineer- Such performance bonds shall be <br />procured from a corporate bonding company licensed to transact <br />business in the State of Minnesota and named on the 1980 <br /> Revised list of "Surety Companies Acceptable on Federal <br /> Bonds" as published in the U.S. Treasury Department circular <br /> <br />Number 570. <br /> 4. In Addition to the pemformance bonds described in <br />paragraph 3 herein, as an additional guarantee that the <br />Developer complies with all the conditions aforesaid, the <br />Developer hereby agrees to deposit with the city the sum of <br />$3,316.33 for each lot contained in the plat which is conveyed <br />by the Developer to a third party. The City agrees to <br />deposit such sums in escrow in an interest-bearing account <br />at the then prevailing rates of interest, for the benefit of <br />the DeVeloper in the event that all of the aforesaid conditions <br />have been complied with. The City agrees to promptly refund <br />to the Developer all such sums, together with accrued interest <br />thereon, at the time all of the aforesaid conditions have <br />been complied with. The Developer agrees that the City may <br />deduct from such deposits the sum of $100.00 for each twelve- <br />month period said fund is in existence, to defray the costs <br />incurred by the City to administer said escrow fund. The <br />city agrees to issue a ,Certificate of Compliance" for <br />individual lots conveyed by Developer to third parties upon <br />receipt by the City of said $3,316.33 depOS%t for each such <br />lot so conveyed. Such ,Certificate of Compliance# shall be <br /> <br /> <br />