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r <br />411 ORDINANCE NO. 16 - 85 <br />Page -3- <br />• <br />r <br />ance. A surety bond, or other form of surety to be <br />approved by the council, shall be deposited with the <br />city for the sum of 20% of the total original cost of <br />construction to assure performance in compliance with <br />this section. This section shall not relieve the dev- <br />eloper and contractor from the usual contract obligations <br />of good and workmanlike construction. <br />The contractor's letter of credit may be reduced to an <br />amount equal to 150% of the estimated cost of construct- <br />ion of the wearing surface and sealcoat upon completion <br />of all construction items, including the gravel base or <br />bituminous binder course; and will be further reduced to <br />an amount equal to 150% of the estimated cost of the bit- <br />uminous sealcoat upon the completion of the bituminous <br />wearing course. <br />Section III. Effective Date <br />This ordinance shall take effect and be in force upon <br />is passage and publication as required by City Charter. <br />Passed by the Council of the City of Lino Lakes this 13th day <br />of January , 1986. <br />Marilyn G. Anderson, Clerk -Treasurer <br />Benjamin . Ben <br />Mayor <br />