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security as approved by the City Attorney, shall consist of the following as determined by <br /> the City: <br /> a. cash deposit made with the City, or <br /> b. bonds by duly authorized corporate sureties, or <br /> c. instruments of credit from financial institutions <br /> subject to regulation by state or federal government, or <br /> d. bonds of a duly authorized surety company <br /> covering all or a portion of said improvements required herein <br /> where a contract for improvements has been let through an <br /> assessment district proceeding, and where said bonds have been <br /> filed with the City Clerk prior to the execution of this Agreement, <br /> as a part of the existing improvement district proceedings, and <br /> e. a maintenance bond for a period of one year from <br /> the recordation date of the notice of completion which follows the <br /> final acceptance by the City Council of said public improvements <br /> valued at ten percent (10%) of the estimated value of the public <br /> improvements. <br /> One bond shall be in the amount of 100% of the total estimated cost of the work <br /> for each stage of development, conditioned upon faithful performance of this Agreement, <br /> one 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 shall secure such <br /> maintenance cost. <br /> Instruments of credit shall be in an amount not less than 100%of the total <br /> estimated cost of improvements which is as follows: <br /> $113,600.00 <br /> In the event of any breach by Developer, City may take over the work and <br /> prosecute the same to completion by any method the City deems advisable. Said work <br /> shall be for the account and at the expense of the Developer. Developer shall be liable to <br /> the City for any excess costs or damages suffered by the City. <br /> In the event of a breach by Developer of its construction obligations hereunder, if the <br /> City undertakes such work as described herein, City shall be entitled to declare Developer <br /> in default hereunder and draw on the letter of credit, in whole or in part, in accordance <br /> with terms thereof, for and to the extent of the cost of such work and/or such damages <br /> suffered by the City. <br /> Public Improvement Agreement 5/31/2017 <br /> Page 3 of 8 <br />