RES 87155 - Laserfiche WebLink

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. Cash or instruments of credit shall be in an amount not less than 100% of the total estimated cost of improvements, which is as follows: $ 83,000.00 In the 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 Subdivider. 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 mayconsent to the following: a. The inclusion of this tract and other lands within said contra~ts, and ' b. The relea~-e of improvement .security as defined in Section 66499 of the Government Code, where the assessment contract has filed surety bonds for said improvements. 9. Defects. Subdivider shall be liable for defects in workmanship and materials on all of the above described improvements for a period of one (1) year after acceptance and as security for liability against such defects, Subdivider shall file improvement or maintenance security with the City Clerk, of a type approved by the City Attorney, in the amount of 40% of the total estimated cost set forth above. 10. Workerst Compensation. Before commencing work under this contract, Subdivider shall take out and maintain during the course of this agreement such workerst compensation insurance as required by the laws of the State of California. If the Acting General Contractor is not the Subdivider, then the General Contractor will provide the City with the said certificate of workerst compensation insurance prior to start of construction.