Laserfiche WebLink
• C. As security to the City for installation of the <br /> improvements or the payment of the special assessments, thc <br /> Developer shall be rcquircd to file a bond with corporate <br /> by the City Council as surety thereon in at 1 ast the full <br /> amount (or such othcr amount rcquircd by the City, in its <br /> sole discretion) of all costs or assessments for making the- <br /> improvements <br /> heimprovements specified in thc Developer Agrccmcnt not paid <br /> in cash by thc Developer before or at thc time of entering <br /> into the Agreement . <br /> If the Developer does not file such Letter of Creditbond or <br /> deposit cash, he may, in lieu thereof, deposit in escrow, in <br /> a national or state bank having an office in the City, cash <br /> in the full amount of the unpaid improvement costs or <br /> assessments together with a written agreement signed by the <br /> Developer and the bank, whereby the funds in escrow will be <br /> paid to the City from time to time upon written demand of <br /> the City, to the extent of any default by the Developer <br /> pursuant to the Developer Agreement. <br /> If the Developer does not file such bond or deposit ash, he <br /> may, in lieu thereof, deliver a Letter of Credit to the <br /> • City. As security to the City for installation of the <br /> improvements or the payment of the special assessments. the <br /> Developer shall deliver a Letter of Credit to the City. <br /> Such Letter of Credit shall be from a national or state bank <br /> approved by the City Council, shall be unconditional and <br /> irrevocable, shall be for the full amount (10096-) of the <br /> unpaid improvement costs or assessments, and shall provide <br /> that funds will be paid to the City upon written demand from <br /> time to time of the City to the extent of any default by the <br /> Developer pursuant to the Developer Agreement . <br /> D. The Developer Agreement shall provide, as to <br /> improvements petitioned for by the Developer to be installed <br /> and assessed in accordance with the regular special <br /> assessment policies of the City, for installation if ordered <br /> by the City Council, and assessment in accordance with the <br /> regular special assessment policies of the City. <br /> E. Notwithstanding any of the foregoing, the City shall <br /> not be obligated to enter into any Developer Agreement (i) <br /> if the improvements required by the resolution granting <br /> approval of the final preliminary plat are not allocated <br /> among the methods at (A) , (B) , (C) and (D) above in a manner <br /> satisfactory to the City Council, or (ii) if the Developer <br /> does not file a bond or deposit cash in escrow, or does not <br /> 10.4846 <br />