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City standard specifications for utilities and street construction outline procedures for security <br /> reductions. <br /> 27. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the <br /> cash requirements and fees due under this Contract, which must be paid in cash at the time of final <br /> plat approval: <br /> Park Dedication Fee $27,750.00 <br /> Storm Water and Drainage Trunk Fee $40,300.00 <br /> Sewer Connection Fee $26,900.00 <br /> Engineering, Legal, and, Planning Escrow $10,000.00 <br /> (Section 18) <br /> Total Cash Requirements &Fees $104,950.00 <br /> 28. WARRANTY. The Developer warrants all Improvements against poor material <br /> and faulty workmanship. The warranty period for streets is one year. The warranty period for <br /> underground utilities is two years and shall commence following completion and acceptance by the <br /> City Council. The one year warranty period on streets shall commence after the final wear course <br /> has been installed and accepted by the City Council as documented in official City minutes. The <br /> Developer shall post a maintenance bond, letter of credit or cash deposit (the "Maintenance <br /> Security") in an amount reasonably determined by the City Engineer. The City Engineer shall <br /> examine the condition of the Improvements when determining the amount of the Maintenance <br /> Security. The City shall retain ten percent (10%) of the security until the Maintenance Security is <br /> furnished the City or until the warranty period expires, whichever first occurs. The retainage may <br /> be used to pay for warranty work. The City standard specifications for utilities and street <br /> construction identify the procedures for final acceptance of streets and utilities. <br /> 29. RESPONSIBILITY FOR COSTS. <br /> 13 <br /> 278322 <br /> 218300v1 <br />