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<br />LA515-110-838683.v10 <br />released when all sanitary sewer and watermain utilities have been <br />installed, all testing and televising has been successfully completed, <br />sanitary sewer as-built inverts have been verified, and the utilities are <br />considered ready for use by the City Engineer. <br />2. Construction Categories 4 and 5: The amount of $513,048 may be released <br />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 <br />final wear course. <br />3. Construction Categories 6-10 and 14-17: The amount of $470,306.25 may <br />be released when all remaining Developer’s obligations under this <br />Agreement have been completed including: (1) bituminous wear course; <br />(2) street lighting and private utilities; (3) trails; (4) bio retention facilities; <br />(5) iron monuments for lot corners have been installed; (6) all financial <br />obligations to the City satisfied; (7) the required "record" plans in the form <br />of the City standards have been received and approved by the City; and <br />(8) the public Subdivision Improvements are accepted by the City Engineer <br />and the City Council. <br /> C. Twenty-five percent of the original Security amount, excluding grading and <br />landscaping improvements shall be retained until: (1) all Subdivision <br />Improvements have been fully completed and accepted by the City, <br />including all corrective work and warranty punch list items; (2) all financial <br />obligations to the City have been satisfied; and (3) the warranty period has <br />expired. <br /> D. Twenty-five percent of the original Security amount associated with