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the Government Code of the State of California. Said improvement security as approved <br />by the City Attorney, shall consist of the following as determined by the City: <br /> <br /> a. cash deposit made with the City, or <br /> <br /> b. bonds by duly authorized corporate sureties, or <br /> <br /> c. instruments of credit from financial institutions <br /> subject to regulation by state or federal government, or <br /> <br /> d. bonds of a duly authorized surety company <br /> covering all or a portion of said improvements required herein <br /> where a contract for improvements has been let through an <br /> assessment district proceeding, and where said bonds have been <br /> filed with the City Clerk prior to the execution of this Agreement, <br /> as a part of the existing improvement district proceedings, and <br /> <br /> e. a maintenance bond for a period of one year <br /> following final acceptance by the City Council of said public <br /> improvements valued at ten percent (10%) of the estimated value <br /> of the public improvements. <br /> <br /> One bond shall be in the amount of 100% of the total estimated cost of the work <br />for each stage of development, conditioned upon faithful performance of this Agreement, <br />one bond in the amount of 100% of the total estimated cost of the work for each stage of <br />development shall secure payment for labor and materials, and one bond in the amount of <br />ten percent (10%) of the estimated value of the public improvements. <br /> <br /> Instruments of credit shall be in an amount not less than 100% of the total <br /> estimated cost of improvements which is as follows: <br /> <br /> $1,465,950 <br /> <br /> In the event of any breach by Subdivider, City may take over the work and <br /> prosecute the same to completion by any method the City deems advisable. Said work <br /> shall be for the account and at the expense of the Subdivider. Subdivider shall be liable <br /> to the City for any excess costs or damages suffered by the City. <br /> <br /> 8. Financing. In the event City and the Subdivider enter a contract upon <br /> mutually agreeable terms providing an appropriate special assessment act for financing <br /> and improvement of streets and easements, the City may consent to the following: <br /> <br /> a. The inclusion of this tract and other lands within <br /> said contracts, and <br /> <br /> SUBDIVISION AGREEMENT <br /> TRACT NO. 7385, AVIGNON, PLEASANTON <br /> Page 3 of 8 <br /> <br /> <br />