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Water Mains 510 339 <br />Subtotal $2,327,966 <br />Total Security Required (125% of Improvements): $2,909,957 <br />4.03 Improvement Security. Prior to the City's.endorsement of approval on <br />the final plat, the Developer shall deposit security with the City <br />Administrator in an amount equal to 125% of the City Engineer's estimate <br />of the cost of constructing the Developer secured improvements which <br />have not been completed and accepted by the City prior to final plat <br />approval. The security may be in the form of a cash escrow fund, a <br />performance bond, or a letter.of credit. The form of security shall be <br />approved by the City Attorney. <br />4.04 Reduction of Security. Upon completion of required improvements for <br />the Property and acceptance by the City, the City Council shall reduce <br />the amount of security for the completed improvements provided that in <br />no case shall the total remaining security be equal to less than 125% of <br />the estimated costs of the incomplete improvements. <br />4.05 Administrative Fees. Developer agrees to pay an administrative fee to <br />the City in an amount equal to 2.5% of the Developer's secured <br />improvements. The administrative fee for this project equals $58,199. <br />4.06 Utility Company Improvements. The utility improvements include <br />underground gas, electric, and telephone service as installed by the <br />appropriate utility company at the direction of the Developer. The <br />Developer shall arrange for the installation of underground gas, electric, <br />telephone and cable television before the final lift is started. Utility <br />improvements shall be completed by the 30th day of September, 2006. <br />4.07 Recording, Requirements. Prior to the conveyance of any of the lots in <br />Sanctuary, and except as hereinafter provided, prior to the issuance of <br />any development permits, the Developer shall provide the City with <br />evidence that the following.documents have been recorded. <br />A. Plat. <br />B. A Declaration of Covenants in a form approved by the City's <br />Attorney. The Declaration of Covenants shall include the <br />following provisions: <br />1. Require the Homeowner Association to be responsible for <br />the Owner's obligations as contained in the appropriate <br />Conservation or Open Space Easements. <br />M <br />