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whether or not the letters of credit should be reduced, and if so, <br /> to what amount. The City Council shall then decide whether or not <br /> to reduce the letter of credit. The letter of credit, however, <br /> will not be reduced below twenty-five percent (25%) of the total <br /> construction cost of the project until one (1) year following <br /> acceptance of the entire project by the City. At that point, the <br /> letter of credit shall be refunded, assuming no warranty work <br /> :remains to be done. <br /> 5. Signs, Signals, & Markings. Pursuant to Minnesota <br /> Statutes 0169. 06, Subd. 3, the City has the authority to place and <br /> maintain traffic-control devices upon its roadways as the City <br /> deems necessary. The City Engineer shall supply the City with a <br /> list of traffic-control devices and street signs which will be <br /> necessary in the Development. The City Public Works Department <br /> shall erect said traffic-control devices and street signs within <br /> the Development. The cost of said signs and labor shall be <br /> charged against the Developer' s escrow account which was <br /> established within paragraph one (1) of this Agreement. <br /> 6. Drainage -Easements. <br /> a) No improvements, landscaping, or grading <br /> shall be permitted in defined drainage easements without the prior <br /> written permission of the City and the Rice Creek Watershed <br /> District. <br /> Rev. 06/11/05 <br />