Laserfiche WebLink
26 <br />LA515\137\947791.v5 <br />Security, the City may also draw upon it. If the Security is drawn upon, the proceeds shall be <br />used by the City to cure the default. <br />35. REDUCTION OF SECURITY. Upon written request by the Developer and upon receipt <br />of proof satisfactory to the City Engineer that work has been completed in accordance with the <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 B 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 $753,905 may be released <br />when all sanitary sewer and watermain utilities have been installed, all <br />testing and televising has been successfully completed, sanitary sewer as- <br />built inverts have been verified, and the utilities are considered ready for <br />use by the City Engineer. <br />2. Construction Categories 4 and 5: The amount of $2,539,124 may be <br />released when all streets, sidewalks, trails, and storm sewer have been <br />installed and tested, and have been found to be complete to the satisfaction <br />of the City Engineer including all corrective work for any identified punch <br />list items and including verification of storm sewer as-built inverts, but not <br />including the final wear course. <br />3. Construction Categories 6-10 and 14-17: The amount of $712,892 may be <br />released when all remaining Developer’s obligations under this Agreement <br />have been completed including: (1) bituminous wear course; (2) street <br />lighting and traffic signs; (3) private utilities; (4) stormwater facilities; (5) <br />turf is established and all erosion and sedimentation control has been