Laserfiche WebLink
<br />10 <br /> <br /> <br /> Improvements $11,200 <br /> Lot Corners/Iron Monuments $ 3,000 <br /> TOTAL COSTS $19,200 <br /> TOTAL SECURITIES (Total Costs X 125%) $24,000 <br />The bank shall be subject to the approval of the City Administrator. The City may draw down the <br />security, upon five (5) business days’ prior written notice to Developer, for any violation of the <br />terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. <br />If the Improvements are not completed at least thirty (30) days prior to the expiration of the security, <br />the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure <br />the default. Upon receipt of proof satisfactory to the City that work has been completed and <br />financial obligations to the City have been satisfied, with City approval the security may be reduced <br />from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten <br />percent (10%) of the amounts certified by the Developer's engineer, and approved by City’s <br />Engineer, shall be retained as security until all Improvements have been completed, all financial <br />obligations to the City satisfied, the required "as constructed" Plans have been received by the City, <br />a warranty security is provided, and the public Improvements are accepted by the City Council. The <br />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 /> Escrow (Section 18) $800.00 <br /> Total Cash Requirements & Fees $800.00 <br />