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contract with the City, which contract shall require the subdivider to construct <br />said improvements at the sole expense of the subdivider and in accordance with <br />City approved construction plans and specifications and all applicable City <br />standards and ordinances. Said contract shall provide for the supervision of <br />the construction by the City Engineer and shall require that the City be <br />reimbursed for all costs incurred by the City for engineering and legal fees and <br />other expenses in connection with the making of such improvements. The <br />performance of said contract shall be financially secured by a cash escrow <br />deposit or performance bond as hereinafter set forth. No performance contract <br />or financial security shall be required for any improvement which is not a <br />requirement for approval of the final plat. The contract shall also provide <br />that the subdivider give a one (1) year warranty and guarantee to the City on <br />all improvements constructed following final acceptance by the City. <br /> <br />170.039H FINANCIAL SECURITY (SUBDIVISIONS WITH NON- CITY PARTICIPATION) <br /> <br />The performance contract shall require the subdivider to make a cash escrow <br />deposit or, in lieu thereof, to furnish a performance bond in the following <br />amounts and upon the following conditions. <br /> <br />The subdivider shall deposit with the City Finance Department a cash <br />amount or letter of credit equal to one hundred twenty-five percent <br />(125%) of the total cost of such improvements as estimated by the City <br />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. On a monthly basis as the <br />project progresses, the City Engineer shall estimate the amount of work <br />completed and recommend to the City Council the amount of funds to be <br />released to the subdivider. <br /> <br />In lieu of a cash escrow deposit, the subdivider may furnish a letter <br />of credit or security acceptable to the City in a penal sum equal to <br />one hundred twenty-five percent (125%) of the total cost of such <br />improvements as estimated by the City Engineer, including the estimated <br />expense of the City for engineering and legal fees and other expenses <br />incurred by the City in connection with the making of such <br />improvements. <br /> <br />3. The making and installing of all the improvements required by the terms <br /> and conditions set forth by the City within one year; <br /> <br />Satisfactory completion of work and payment therefor, which work was <br />undertaken by the subdivider in accordance with the developer's <br />agreement referred to above; and <br /> <br />e <br /> <br />The payment by the subdivider to the City of all expenses incurred by <br />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 <br />credit 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, all amounts held under <br /> <br /> <br />