RES 88271 - Laserfiche WebLink

a. cash deposit made with the City, or b. bonds by duly authorized corporate sureties, or c. instruments of credit from financial institutions subject to regulation by state or federal government, or d. bonds of a duly authorized surety company covering all or a portion of said improvements required herein where a contract for improvements has been let through an assessment district proceeding, and where said bonds have been filed with the City Clerk prior to the execution of this agreement, as a part of the existing improvement district proceedings. One bond shall be in the amount of 100% of the total estimated cost of the work for each stage of development, conditioned upon faithful performance of this agreement, and one bond in the amount of 100% of the total estimated cost of the work for each stage of development shall secure payment for labor and materials. Instruments of credit shall be in an amount not less than 100% of the total estimated cost of improvements which is as follows: $1~072f689.00 In event of breach by Subdivider, City may take over the work and prosecute the same to completion by any method the City deems advisable. Said work shall be for the account and at the expense of the Subdivder. Subdivider shall be liable to the City for any excess costs or damages suffered by the City. S. Financing. In the event City and Subdivider enter a contract upon mutually agreeable terms providing an appropriate special assessment act for financing and improvement of streets and easements, the City may consent to the following: a. The inclusion of this tract and other lands within said contracts, and b. the release of improvement security as defined in Section 66499 of the Government Code, where the assessment contract has filed surety bonds for said improvements. - 3 -