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• <br />• <br />• <br />PAGE 12 <br />ORDINANCE NO. 03 — 90 <br />Subd. 4. Warranty. All new streets shall be <br />warranted by the developer or <br />contractor as to good workmanlike <br />construction and to meet all City <br />requirements for a period of one (1) <br />year from the time the final <br />inspection of such street has been <br />completed and the Council has <br />accepted the same for full City <br />maintenance. This section shall not <br />relieve the developer or contractor <br />from the usual contract obligations <br />of good workmanlike construction. <br />302.07 <br />When a contractor's letter of credit <br />has been established, it may be <br />reduced to an amount equal to 1500 <br />of the estimated cost of <br />construction of the wearing surface <br />and sealcoat upon completion of all <br />other construction items, including <br />the gravel base or bituminous binder <br />course; and will be further reduced <br />to an amount equal to 150% of the <br />estimated cost of the bituminous <br />sealcoat upon the completion of the <br />bituminous wearing course. <br />Prior to acceptance by the City, the <br />developer on developer installed <br />projects shall deposit with the City <br />the sum of 20%, in the form of a <br />surety bond, cash, or other form of <br />security approved by the City <br />Council, of the total original cost <br />of construction to assure <br />performance in compliance with this <br />section. <br />Variations and Exceptions. The <br />Council may permit variations from <br />these requirements in specific cases <br />which, in its opinion, do not affect <br />the general sense of this chapter. <br />Additional requirements shall be <br />complied with as imposed by the City <br />Engineer, Public Works Director and <br />City Council. <br />Minor variations to the requirements <br />of this section may be allowed with <br />the concensus of the Public Works <br />Director, City Engineer and City <br />