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MAY. 12. 2004 10:31AM PUBLIC WORKS N0. 978 P. 3 <br />7. Securi On signing this Agreement, the Subdivider shall present to the <br />City and file with the City Clerk, improvement security as defined in Section 66499 of <br />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 />a, cash deposit made with the City, or <br />b. bonds by duly authorized corporate sureties, or <br />c. instnunents of credit from financial institutions <br />subject to regulation by state or federal government, or <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 visor to the execution of this Agreement, <br />as a part of the existing improvement district proceedings, and <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 />One bond shall be in the amount of 100% of the total estimated cost of the work <br />for each stagc 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 />Instnunents of credit shall be in an amount not less than 100% of the total <br />estimated cost of improvements which is as follows: <br />$1,900,000.00 <br />In the event of any breach by Subdivider, City may take over the work and <br />prosecute the same tv 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 />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 />SUBDIVISION AGIt~I=M;E'NT <br />TRACT NO. 7160 and PM 7481, Vineyard Avenue <br />Page 3 of S <br />