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Section 574.26 (1967) for public developers in the amount of at <br />least 150% (11Q%?> of the total estimated cost of Plan A <br />Improvements as determined in paragraph 3 above, with a corporate <br />surety satisfactory to the City, and naming the City as obligee <br />thereunder. Included among the obligations of the surety under <br />such bond shall be that the Subdivider shall fully and faithfully <br />d^charge SubCivider's obligations with respect to the Plan A <br />Improvements during the installation and construction period and <br />that all persons doing work or furnishing skills, tools, machinery, <br />materials, insurance premiums, equipment, or supplies in connection <br />with the construction and installation of the Plan A Improvements, <br />or in connection with any work thereon under the one-year guaranty <br />of Subdivider, shall be paid therefor. <br />In lieu of the bond herein required or at the request <br />of the City, Subdivider will deposit with the City an irrevocable <br />letter of credit in a form satisfactory to the City in at least <br />said amount, providing that the City is able to draw upon such <br />letter of credit in its sole discretion to complete the Plan A <br />Improvements. The amounts required for the bond or letter of <br />credit are set forth in Exhibit E attached hereto. The City <br />Council may authorize reduction of the amount of such bond or <br />letter of credit as completion of the Plan A Improvement <br />progressees, based upon recommendations by the City Engineer and <br />the City Engineer's estimate of the cost of completion of all <br />remaining Plan A Improvements and so long sl the amount of the <br />-13-