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Code. Said improvement security as approved by the City Attorney, shall consist of the <br /> following as determined by the City: <br /> A. Cash deposit made with the City, or <br /> B. Bonds by duly authorized corporate sureties admitted to conduct such business in <br /> California, or <br /> C. Instruments of credit from financial institutions subject to regulation by state or <br /> federal government, or <br /> D. Bonds of a duly authorized surety company covering all or a portion of said <br /> improvements required herein where a contract for improvements has been let <br /> through an assessment district proceeding, and where said bonds have been filed with <br /> the City Clerk prior to the execution of this Agreement, as a part of the existing <br /> improvement district proceedings. <br /> One bond shall be in the amount of 100% of the total estimated cost of the work for each <br /> stage of development, conditioned upon faithful performance of this Agreement, one <br /> 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 to secure <br /> maintenance of the improvements for one year following City Council acceptance. <br /> Total estimated cost of improvement is as follows: <br /> $ 2,259,000 <br /> In the event of any breach by Subdivider, City may take over the work and prosecute the <br /> same to completion by any method the City deems advisable. Said work shall be for the <br /> account and at the expense of the Subdivider. Subdivider shall be liable to the City for <br /> any excess costs or damages suffered by the City. The City shall release the faithful <br /> performance and labor and materials bonds forty-five days after the recordation of the <br /> Notice of Completion if no Stop Notices or claims are outstanding. The City shall release <br /> the Maintenance Bond one year after the recordation of the Notice of Completion <br /> provided all warranty work is acceptable to the City. <br /> 9. Financing. In the event City and the Subdivider enter a contract upon mutually agreeable <br /> terms providing an appropriate special assessment act for financing and improvement of streets <br /> and easements, the City may consent to the following: <br /> A. The inclusion of this tract and other lands within said contracts, and <br /> B. The release of improvement security as defined in Section 66499 of the Government <br /> Code, where the assessment contract has filed surety bonds for said improvements. <br /> Subdivision Agreement Tract Map 7660,Chrisman Property Page 3 of 7 <br />