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Commissions or Council of City shall not be affected by the <br /> provisions of this agreement unless specific modification is set <br /> forth herein. <br /> <br /> 6. Security. On signing this agreement, the Developer <br /> shall present to the City and file with the City Clerk, <br /> improvement security as defined in Section 66499 of the <br /> Government Code of the State of California. Said improvement <br /> security as approved by the City Attorney, shall consist of the <br /> following as determined by the City: <br /> <br /> a. cash deposit made with the City, or <br /> <br /> b. bonds by duly authorized corporate sureties, or <br /> <br /> c. instruments of credit from financial institutions <br /> subject to regulation by state or federal <br /> government, or <br /> <br /> d. bonds of a duly authorized surety company covering <br /> all or a portion of said improvements required <br /> herein where a contract for improvements has been <br /> let through an assessment district proceeding, and <br /> where said bonds have been filed with the City <br /> Clerk prior to the execution of this agreement, as <br /> apart of the existing improvement district <br /> proceedings. <br /> <br /> One bond shall be in the amount of 100% of the total <br /> estimated cost of the work for each stage of development, <br /> conditioned upon faithful performance of this agreement, and one <br /> bond in the amount of 100% of the total estimated cost of the <br /> work for each stage of development shall secure payment for labor <br /> and materials. <br /> <br /> Cash or instruments of credit shall be in an amount not less <br /> than 100% of the total estimated cost of improvements which is as <br /> follows: <br /> <br /> $327,000.00 <br /> <br /> In event of breach by Developer, City may take over the work <br />and prosecute the same to completion by any method the City deems <br />advisable. Said work shall be for the account and at the expense <br />of the Developer. Developer shall be liable to the City for any <br />excess costs or damages suffered by the City. <br /> <br /> 7. Assessment District Credit. Developer has requested the <br />formation of a Special Assessment or other Benefit District in <br />order to be reimbursed or credited for the costs of the project. <br /> <br /> City agrees to support the establishment of the North <br />Pleasanton Assessment District No. 1982-4 and agrees to the <br />inclusion of the improvements required herein and the <br />reimbursement and/or credit of Developer for expenditures <br /> <br /> - 3 - <br /> <br /> <br />