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<br /> 29 <br />LA515-119-849077.v5 <br />approved Plans and the terms of this Agreement and that all financial obligations to the City have <br />been satisfied, the City Engineer may approve reductions in the Security in the following <br />instances: <br />A. Up to 75 percent of the Security associated with the itemization on Exhibit C may <br />be released upon completion of the following key milestones of the project as <br />determined by the City Engineer: <br />1. Construction Categories 2 and 3: The amount of $__________ may be <br />released when all sanitary sewer and watermain utilities have been installed, <br />all testing and televising has been successfully completed, sanitary sewer as- <br />built inverts have been verified, and the utilities are considered ready for use <br />by the City Engineer. <br />2. Construction Categories 4 and 5: The amount of $___________ may be <br />released when all streets, sidewalks, and storm sewer have been installed and <br />tested, and have been found to be complete to the satisfaction of the City <br />Engineer including all corrective work for any identified punch list items and <br />including verification of storm sewer as-built inverts, but not including the final <br />wear course. <br />3. Construction Categories 6-10 and 14-17: The amount of $____________ may <br />be released when all remaining Developer’s obligations under this Agreement <br />have been completed including: (1) bituminous wear course; (2) street lighting <br />and private utilities; (3) trails; (4) bio retention facilities; (5) iron monuments for <br />lot corners have been installed; (6) all financial obligations to the City satisfied; <br />(7) the required "record" plans in the form of the City standards have been <br />received and approved by the City; and (8) the public Subdivision <br />Improvements are accepted by the City Engineer and the City Council. <br />4. Construction Categories 11, 12 and 13: The amount of $__________ may be