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is submitted in lieu of a letter of credit or <br />performance and indemnity bond, there shall be a <br />cash escrow agreement which shall provide that <br />in the event the required improvements are not <br />completed within one year, all amounts held <br />under the cash escrow agreement shall be <br />automatically turned over and delivered to the <br />City and applied by the City to the cost of <br />completing the required improvements. If the <br />funds available within said cash escrow <br />agreement are not sufficient to complete the <br />required improvements, the necessary additional <br />cost to the City shall be assessed against the <br />subdivision. Any balance remaining in the cash <br />escrow fund after such improvements have been <br />made and all expenses therefore have been paid, <br />shall be returned to the subdivider. In instances <br />where a letter of credit is used in lieu of a cash <br />escrow or performance and indemnity bond, the <br />said letter of credit shall be in a form satisfactory <br />to the City and the terms thereof shall <br />substantially comply with the procedure as set <br />forth for a cash escrow fund. In instances where a <br />performance and indemnity bond is used in lieu <br />of a cash escrow or letter of credit, the said bond <br />shall be in a form acceptable to the City and shall <br />comply with all requirements as set forth in <br />Minnesota Statutes as amended, which Statutes <br />relate to Surety Bonds. <br />(c) No final plat shall be approved by the Council without first <br />receiving a report signed by the City Engineer and the <br />City Attorney certifying that the improvements described <br />therein together with the agreements and documents, <br />required under this Chapter of the Ordinance, meet the <br />requirements of the City. The City Administrator shall <br />also certify that all fees required to be paid to the City in <br />connection with the plat have been paid. <br />(d) The City of Little Canada shall where appropriate require of <br />a subdivider submission of a Warranty/ Maintenance <br />Bond in the amount equal to the original cost of the <br />improvements, which shall be in force for one (1) year <br />following the final acceptance of any required <br />improvements and shall guarantee satisfactory <br />performance of the said improvements. <br />(e) Reproducible as built drawings" as required by the City <br />Engineer shall be furnished to the City by the subdivider <br />- 2 7 - <br />