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<br />-8- <br /> <br />32. DEVELOPER'S AGREEMENT. Prior to the installation of any <br />required improvements and prior to approval of the final plat, <br />the subdivider shall enter into a contract with the City which <br />contract shall require the subdivider to construct said <br />improvements at the sole expense of the subdivider and in <br />accordance with approved construction plans and specifications <br />and all applicable standards and ordinances. Said contract <br />shall provide for the supervision of construction by the City <br />Engineer, and said contract shall require that the City be <br />reimbursed for all costs incurred by the City for engineering <br />and legal fees and other expenses in connection with the making <br />of such improvements. The performance of such contract shall <br />be financially secured by a cash escrow deposit or performance <br />bond as hereinafter set forth. <br /> <br />33. FINANCIAL SECURITY. The developer's agreement shall <br />require the subdivider to make a cash escrow deposit or in <br />lieu thereof to furnish a performance bond in the following <br />amounts and upon the following conditions: <br /> <br />33.01. ESCROW DEPOSIT. The subdivider shall deposit <br />with the Treasurer a cash amount equal to one <br />hundred fifty (150) percent of the total cost <br />of such improvements as estimated by the City <br />Engineer, including the estimated expense of <br />the City for engineering and legal fees and <br />other expenses incurred by the City in connection <br />with the making of such improvement. <br /> <br />33.02. PERFORMANCE BOND. In lieu of a cash deposit, <br />the subdivider may furnish a performance bond, <br />with a corporate surety satisfactory to the <br />City, in a penal sum equal to one hundred fifty <br />(150) percent of the total cost of such improve- <br />ments as estimated by the City Engineer, in- <br />cluding the estimated expense of the City for <br />the engineering and legal fees and other expenses <br />incurred by the City in connection with the <br />making of such improvements. Release of the <br />performance bond will be determined by Council <br />resolution. <br /> <br />3J.OJ. CONDITIONS. The developer's agreement shall <br />provide for a completion date on which all of <br />the required improvements shall be fully installed, <br />completed and accepted by the City. The comple- <br />tion date shall be determined by the Council after <br />consultation with the City Engineer and the sub- <br />divider, and shall be reasonable in relation to <br />the construction to be performed, the seasons of <br />the year and proper correlation with construction <br />activities in the subdivision. The developer's <br />agreement shall provide that in the event the <br />required improvements are not completed within <br />the time allotted, the City shall be allowed to <br />exercise its power to recover on the performance <br />