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d. bonds of a duly authorized surety company covering <br />all or a portion of said improvements required herein <br />where a contract for improvements has been let through <br />an assessment district proceeding, and where said <br />bonds have been filed with the City Clerk prior to <br />the execution of this agreement, as a part of the <br />existing improvement district proceedings. <br />One bond shall be in the amount of 1000 of the total estimated <br />cost of the i•~orY. for each portion of the .project (2. a. and 2.b.) , <br />conditicned upon faithful performance of this agreement, and one bond <br />in the amount of 1000 of the total estimated cost of the work for each <br />,portion of the project (2.a. and 2.b.) shall secure payment fo_r labor <br />and materials. <br />Cash or instruments of credit shall be in an amount not less <br />than 100 of the total estimated cost of each portion of the improve- <br />ments which are as follows: <br />2.a., Subdivision Improvements - $2,782,000 <br />2.b., Stoneridge Dr. Improvements - $665,000.00. <br />In event of breach by Subdivider, City may take over the work <br />and prosecute t}~e same to completion by airy method the City deems <br />advisable. Said work shall be for the account and at the e}:pense <br />of the Subdivider. Subdivider shall be liable to the City for any <br />excess costs or damages suffered by the City. <br />8. Financing. In the event City and Subdivider enter a con- <br />tract upon mutually agreeable terms providing an appropriate special <br />assessment act for financing and improvement of streets and easements, <br />the City may consent to the followi;ig: <br />a. The inclusion of this tract and other lands within <br />.said contracts, and ' <br />b. the release of improvement security as defined <br />in Section 66499 of the Government Code, where <br />the assessment contract has filed surety bonds <br />for said improvements. <br />9. Release of Security. T}ie formation of an assessment district <br />h~;s baon rcq;:est=ed ~•~hich may include that portion of the ~•~ork described <br />under paravruph 2.b. above (Stoneridge Drive Improvements). Should <br />this district be formed a;1d the Stoneridge Drive Improvement work be <br />included in an assessment district construction contract, the City <br />will release the security provided for the construction of such <br />Stoneridge Drive Improvements. <br />`i'}~e security provided for the Stoneridge Drive Improvement work <br />will also be released if any other entity enters into a valid bonded <br />agreemc;it ~•~ith the City for the construction of t}~e improvements. <br />-3- <br />