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2007-02-28 CC
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2007-02-28 CC
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2/26/2007 1:48:58 PM
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2/23/2007 3:34:19 PM
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<br />assessments, and payment of the costs of all connection fees, the Developer shall furnish <br /> <br />the City with ,a letter of credit, in the form acceptable to the City and from a bank <br /> <br />acceptable to the City for <br /> <br />and No/lOO ($ <br /> <br />.00) Dollars <br /> <br />("Security"). The Security shall be for a term ending March 1, 2009. The City may draw <br /> <br />down the Security, upon notice as provided in this Agreement, for any violation of the <br /> <br />terms of this Agreement or if the security is allowed to lapse prior to the end of the <br /> <br />required term. The decision to draw down the Security shall be made by the City in its <br /> <br />sole discretion. If the Security is drawn down, the proceeds shall be used to cure ~e <br /> <br />default under this Agreement. To guaranty construction of the Public and Private <br /> <br />Improvements in accordance with the Plans, the Developer shall furnish the City with a <br /> <br />letter of credit in an amount one hundred ten percent (110%) ("Private and Public <br /> <br />Improvements Security") of the cost of the Public and Private Improvements <br /> <br />($ <br /> <br />) determined as follows: <br /> <br />Description of Public and Private Improvements: <br /> <br />Cost <br /> <br />A. <br /> <br />Sanitary Sewer System (private), <br />connected to public system <br /> <br />$ <br /> <br />B. <br /> <br />Water System (private), <br />connected to public system <br /> <br />$ <br />$ <br /> <br />C. <br /> <br />Underground Private On-site Utilities <br />e.g. gas, electric, telephone, CATV <br /> <br />D. <br /> <br />Trails (Public) <br /> <br />F. <br /> <br />Surveying and Staking <br /> <br />$ <br />$ <br />$ <br /> <br />E. <br /> <br />Landscaping <br /> <br />35 <br />
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