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been satisfied, with City approval the security may be reduced from time to time by ninety <br />percent (90%) of the financial obligations that have been satisfied. Ten percent(10%) of the <br />amounts certified by the Developer's engineer, and approved by City's Engineer, shall be retained <br />as security until all Improvements have been completed, all financial obligations to the City <br />satisfied,the required "as constructed" Plans have been received by the City, a warranty security <br />is provided, and the public Improvements are accepted by the City Council. The City standard <br />specifications for utilities and street construction outline procedures for security 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 <br />final plat approval: <br />Engineering, City Administration (escrow) 10,000.00 <br />Park Dedication Fee 0.00 <br />Total Cash Requirements & Fees 10,000.00 <br />28. WARRANTY. The Developer warrants all Improvements against poor material and <br />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 <br />the City Council. The one-year warranty period on streets shall commence after the final wear <br />course has been installed and accepted by the City Council as documented in official City <br />minutes. The Developer shall post a maintenance bond, letter of credit or cash deposit (the <br />Maintenance Security") in an amount reasonably detemlined by the City Engineer. The City <br />Engineer shall examine the condition of the Improvements when determining the amount of the <br />Maintenance Security. The City shall retain ten percent (10%) of the security until the <br />Maintenance Security is furnished the City or until the warranty period expires, whichever first <br />235929v3