Funds on Deposit. In the event that the financial guarantee is in the form of cash, certified check, irrevocable letter of credit, or other arrangement making the financial guarantee immediately accessible to the City, the City may immediately draw on a letter of credit, cash, a certified check, or demand payment by a surety. It may then deposit the financial guarantee in its general account. The City may then proceed to complete the Work, reimburse itself for the cost of completion as defined hereunder, and return the balance to the Subdivider.
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Sources: Subdivision Agreement, Subdivision Agreement
Funds on Deposit. In the event that the financial guarantee Guarantee is in the form of cash, certified check, irrevocable letter of credit, or other arrangement making the financial guarantee immediately accessible to the Cityliquid instrument, the City may immediately draw on a letter of creditmay, cashafter notice to the Developer, a certified check, or demand payment by a surety. It may then liquidate and deposit the financial guarantee Guarantee in its general account. The City may then proceed to complete the Work, reimburse itself for the cost of completion as defined hereundercompletion, and return the balance to the SubdividerDeveloper.
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