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• <br />security as defined in Section 6.6499 of the Government Code of the <br />State of California. Said improvement security as approved by the <br />City Attorney, shall consist of the following as determined by the <br />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 <br />subject to regulation by state or federal government, <br />or <br />d. bonds of a duly authorized surety company covering all <br />or a portion of said improvements required herein where <br />a contract for improvements has been let through an <br />assessment district proceeding, and where said bonds <br />have been filed with the City Clerk rp for to the <br />execution of this Agreement, as a part of the existing <br />improvement district proceedings, and <br />e. a maintenance. bond for a period of one year following <br />final acceptance by the City Council of said public <br />improvements valued at ten percent (10%) of the <br />estimated value of the public improvements. <br />One bond shall be in the amount of 100% of the total estimated <br />cost of the work for each stage of development, conditioned upon <br />faithful performance of this Agreement, one bond in the amount of <br />100% of the total estimated cost of the work for each stage of <br />development shall secure payment for labor and materials, and one <br />bond in the amount of ten percent. (10%) of the estimated value of <br />the public improvements. <br />Instruments of credit shall be in an amount not less than 100% <br />of the total estimated cost of improvements which is as follows: <br />$643,095.60. <br />In the event of any breach by Subdivider, City may take over <br />the work and prosecute the same to completion by any method the <br />City deems advisable. Said work shall be for the account and at <br />the expense of the Subdivider. Subdivider shall be liable to the <br />City for any excess costs or damages suffered by the City. <br />8. Financing. In the event City and the Subdivider enter a <br />contract upon mutually agreeable terms. providing an appropriate <br />special assessment act for financing and improvement of streets and <br />easements, the City may consent to the following: <br />a. The inclusion of this tract and other lands within said <br />contracts, and <br />- 3 - <br />