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satisfied. Ten percent(10%) of the amounts certified by the Developer's engineer, and approved <br /> by City's Engineer, shall be retained as security until all Improvements have been completed, all <br /> fmancial obligations to the City satisfied, the required "as constructed" Plans have been received <br /> by the City,a warranty security is provided,and the public Improvements are accepted by the City <br /> Council. The City standard specifications for utilities and street construction outline procedures <br /> for security reductions. <br /> 24. SUMMARY OF CASH REQUIREMENTS AND FEES. The following is a <br /> summary of the cash requirements and fees due under this Contract,which must be paid in cash at <br /> the time of fmal plat approval and execution of this Contract by the City: <br /> Engineering, City Administration(escrow) $2,500.00 <br /> Park Dedication Fee 16,650.00 <br /> Storm Water and Drainage Trunk Fee 24,180.00 <br /> Total Cash Requirements&Fees 4 0 <br /> 25. WARRANTY. The Developer warrants all Improvements against poor material <br /> and 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 fmal 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 determined 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 /> 12 <br /> Southways V3 <br />