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that work has been completed and financial obligations to the City have been satisfied,with City approval the security <br /> may be reduced 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 general contractor shall be retained as security until all <br /> improvements have been completed, all financial obligations to the City satisfied,the required "as constructed"plans <br /> have been received by the City,a warranty security is provided,and the public improvements are accepted by the City <br /> Council. The City's standard specifications for utility and street construction outline procedures for security <br /> reductions. <br /> 25. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br /> requirements under this Contract which must be furnished to the City prior to final development approval by the <br /> Orono City Council: <br /> Final Plat Application Fee $ 700.00 <br /> Park Dedication Fee $ 19,500.00 <br /> Storm Water and Drainage Trunk Fee $ 28364.00 <br /> TOTAL FEES DUE IN CASH $ 48,564.00 <br /> Erosion Control and Engineering Administration Escrow $ 8,000.00 <br /> TOTAL ESCROW DUE IN CASH* $ 8,000.00 <br /> *Any funds remaining in the Engineer's Escrow after all work by the City's Engineer is completed shall be <br /> refunded to the Developer. <br /> 26. WARRANTY. The Developer warrants all improvements required to be constructed by it pursuant <br /> to this Contract against poor material and faulty workmanship. The warranty period for streets is one year. The <br /> warranty period for underground utilities is two years and shall commence following completion and acceptance by <br /> City Council. The one year warranty period on streets shall commence after the final wear course has been installed <br /> and accepted by the City Council. The Developer shall post maintenance bonds in the amount of twenty-five percent <br /> (25%) of final certified construction costs to secure the warranties. The City shall retain ten percent (10%) of the <br /> security posted by the Developer until the maintenance bonds are furnished the City or until the warranty period <br /> expires, whichever first occurs. The retainage may be used to pay for warranty work. The City's standard <br /> specifications for utility and street construction identify the procedures for final acceptance of streets and utilities. <br /> 6/12/14;MPG 9/16/14 11 Orono/Oliver Hill/No. 13-3637& 14-3685 <br /> 176712v2 <br />