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the amounts certified by the Developer's engineer, and approved by City's Engineer, shall be retained as security until all Improvements have been c mpleted, all financial obligations to the City satisfied, the required "as constructed" Plans have been received by the City, a warranty security is provided, and the public Improvements are ccepted by the City Council. The City standard specifications for utilities and street const ction outline procedures for security reductions. 25. SUMMARY OF CASH REQUIREM NTS. The following is a sutYunary of the cash requirements and fees due under this Contract, hich must be paid in cash at the time of final plat approval: Park Fee $ 27,750.00 Storm Water and Drainage Trunk Fee 52,684.80 Engineering, Oversight and Erosion Cont ol 8,000.00 Final Plat Fee 700.00 Total Cash Requirements Fees $ 89,134.80 26. WARRANTY. The Developer warrant all Improvements against poor material and faulty warkmanship. The warranty period for stree s is one year. The warranty period for underground utilities is two years and shall commence ollowing completion and acceptance by the City Council. The one year warranty period on str ets shall commence after the final wear course has been installed and accepted by the City ouncil as documented in official City minutes. The Developer shall post a maintenance bo d, letter of credit or cash deposit (the "Maintenance Security") in an amount reasonably dete ined by the City Engineer. The City Engineer shall examine the condition of the Improvem nts when determining the amount of the Maintenance Security. The City shall retain ten p rcent (10%) of the security until the Maintenance Security is furnished the City or until the warranty period expires, whichever first 13 169371v5