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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 /> a part 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 /> $361,250.00 <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 /> 8. Defects. Developer shall be liable for defects in <br />workmanship and materials on all of the above described <br />improvements for a period of one (1) year after acceptance and as <br />security for liability against such defects, Developer shall file <br />improvement or maintenance security with the City Clerk, of a <br />type approved by the City Attorney, in the amount of 10% of the <br />total estimated cost set forth above. <br /> <br /> 9. Worker's Compensation. Before commencing work under <br />this contract, Developer shall take out and maintain during the <br />course of this agreement, such worker's compensation insurance as <br />required by the laws of the State of California. On failing to <br />do so, the City may procure such insurance for the Developer ad <br />the Developer shall pay the cost. <br /> <br /> - 3 - <br /> <br /> <br />