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<br />• <br />Code of the State of California. Said improvement security as approved by the <br />City Attorney, shall consist of the following as determined by the City: <br />a. cash deposit made with the City, or <br />b. bonds by duly authorized corporate sureties, or <br />c. instruments of credit from financial institutions subject to <br />regulation by state or federal government, or <br />d. bonds of a duly authorized surety company covering all or a <br />portion of said improvements required herein where a <br />contract for improvements has been let through an assessment <br />district proceeding, and where said bonds have been filed <br />with the City Clerk prior to the execution of this Agreement, <br />as a part of the existing improvement district proceedings, <br />and <br />e. a maintenance bond for a period of one year following final <br />acceptance by the City Council of said public improvements <br />valued at ten percent (10%) of the estimated value of the <br />public improvements. <br />One bond shall be in the amount of 100% of the total estimated cost of the <br />work conditioned upon faithful performance of this Agreement, and the other bond <br />in the amount of 100% of the total estimated cost of the work for the public <br />improvements shall secure payment for labor and materials. <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 />$4,841,152.00 <br />In the event of any breach by Developer, City may take over the work and <br />prosecute the same to completion by any method the City deems advisable. Said <br />work shall be for the account and at the expense of the Developer. Developer <br />shall be liable to the City for any excess costs or damages suffered by the City. <br />8. Defects. Developer shall be liable for defects in workmanship and <br />materials on all of the above described improvements for a period of one (1) year <br />after acceptance. As security for liability against such defects, Developer shall file <br />improvement or maintenance security with the City Clerk, of a type approved by <br />OFFSITE IMPROVEMENT AGREEMENT <br />Page 3 of 8 <br />