RES 85185 - Laserfiche WebLink

b. bonds by duly authorized corporate sureties, or 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 apart 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: $685,000.00 In event of breach by Developer, 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 Developer. Developer shall be liable to the City for any excess costs or damages suffered by the City. 8. Assessment District Credit. Developer has requested the formation of a Special Assessment or other Benefit District in order to be reimbursed or credited for the costs of the project. The parties shall cooperate with each other to cause the North Pleasanton Improvement District, A.D. 1982-4, to be formed as soon as reasonably practical and to cause the North Pleasanton Improvement District to reimburse and/or credit Developer for all costs and expenses incurred or paid by Developer, if such costs and expenses are included as a part of the costs and expenses financed by the North Pleasanton Improvement District and such costs and expenses are reimbursable and/or creditable by the North Pleasanton Improvement District to Developer. Reimbursement by City shall be made within thirty (30) days after the sale of the bonds of the Pleasanton Improvement District which include funds for this improvement. In the event no assessment district contemplated herein is formed, all costs, expenses and/or obligations incurred or paid by Developer as a result of this Agreement shall be the sole responsibility of Developer. Further, in the event the assessment district formed does not include as reimbursable costs - 3 -