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<br />the City shall receive such other evidence of financial ability as in the reasonable <br />judgment of the City is required; and <br /> <br />(d) The Developer shall have satisfied the conditions set forth in the Purchase <br />Agreement to be entered into between the City and the Developer; <br /> <br />(e) Issuance of the Tax Increment Bonds; and <br /> <br />(f) Delivery of an irrevocable letter of credit issued by a financial institution <br />and in a form satisfactory to the City in an amount equal to the cost of the Public <br />Improvements which letter of credit shall be released when the Minimum Improvements <br />are complete; provided, however, that with approval of the City, the letter of credit may <br />be reduced from time to time as work on the Public Improvements is completed. <br /> <br />(2) The proceeds of the Tax Increment Bonds shall be disbursed monthly upon <br />submission to the City of the following documentation: <br /> <br />(i) a completed AlA Document G702 certified by the inspecting <br />architect/engineer; and <br /> <br />(ii) lien waivers relating to the previous monthly disbursement. <br /> <br />Section 3.7. Installation of Public Improvements. In connection with the Public <br />Improvements the Developer shall contract with a registered engineer to prepare plans and <br />specifications for the Public Improvements, provided that the Developer shall obtain the City's <br />approval of the engineer and the plans and specifications. The Developer shall install the Public <br />Improvements in accordance with the State law requirements relating to installation of public <br />improvements, including compliance with public bidding requirements and shall obtain payment <br />and performance bonds as required by State law. <br /> <br />14 <br />