Improvement Security. (a) Principal shall obtain and furnish to City an improvement security consisting of a surety bond in favor of City, issued by a corporate surety authorized to do business in the State of California, and in form approved by City, securing the faithful performance by Principal of the work of improvement required, and also securing the payment of the costs and interest, if any, due under Sections 12.030.210 et seq. of the Rancho Xxxxxxx Municipal Code, as provided in Paragraph 5 herein and an additional bond issued by a corporate surety authorized to do business in the State of California, in the amount of not less than 50 percent of the total estimated cost of the improvement, securing payment to contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials for the improvement.
Improvement Security. A. Prior to the City's execution of this Agreement, Developer shall provide as security to the City:
Improvement Security. The Developer shall furnish faithful performance and labor and material security concurrently with the execution of this Agreement by the Developer, and prior to the commencement of any Work. The Developer shall furnish warranty security prior to the City's acceptance of the Work. The form of the security shall be as authorized by the Subdivision Map Act (including Government Code Sections 66499, et seq.) and Section 13.20.210 the Los Altos Municipal Code, and as set forth below: 4(a). Faithful Performance security in the amount of $147,814.00 (which amount is equal to the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure faithful performance of this Agreement (until the date on which the City Council accepts the Work as complete) pursuant to Government Code Sections 66499.1, 66499.4, and 66499.9. 4(b). Labor and Material security in the amount of $73,907.00 (which amount is equal to fifty
Improvement Security. Concurrently with the execution hereof, Developer shall deposit with City an adequate and satisfactory improvement security ("Improvement Security") in accordance with the provisions of this Section. The Improvement Security shall be in one or more of the forms set forth in Section 17.32.020(D) of the Lancaster Municipal Code, shall be subject to the City Engineer's approval, and shall include the following: (1) security in an amount equal to at least one hundred percent (100%) of the estimated cost of Improvements as security for the faithful performance of this Agreement and (2) separate security in an amount equal to at least fifty percent (50%) of the estimated cost of Improvements as security for the payment of all persons performing labor and furnishing materials in connection with this Agreement. Notwithstanding the foregoing, security in the form of a bank set aside letter approved by the City shall be in the amount of at least one hundred percent (100%) of the estimated cost of Improvements. If, at any time after deposit of the Improvement Security, a surety on such security is no longer acceptable to the City, Developer agrees to replace the Improvement Security with an acceptable Improvement Security within ten days after receiving notice that said surety is unacceptable. The City Engineer may approve/disapprove any Developer requests for substitution of the Improvement Security in his or her sole discretion.
Improvement Security. The Developer shall furnish faithful performance and labor and material security concurrently with the execution of this Agreement by the Developer, and prior to the commencement of any Work. The Developer shall furnish warranty security prior to the City's acceptance of the Work. The form of the security shall be as authorized by the Subdivision Map Act (including Government Code Sections 66499, et seq.) and Section 13.20.210 the Los Altos Municipal Code, and as set forth below: 4(a). Faithful Performance security in the amount of $144,899.00 (which amount is equal to the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure faithful performance of this Agreement (until the date on which the City Council accepts the Work as complete) pursuant to Government Code Sections 66499.1, 66499.4, and 66499.9. 4(b). Labor and Material security in the amount of $72,499.50 (which amount is equal to fifty (50) percent of the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure payment by the Developer to laborers and materialmen pursuant to Government Code Sections 66499.2, 66499.3, and 66499.4. 4(c). Warranty security in the amount of $14,489.00 (which amount is equal to ten (10) percent of the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure faithful performance of this Agreement (from the date on which the City accepts the Work as complete until one year thereafter) pursuant to Government Code Sections 66499.1, 66499.4, and 66499.9.
Improvement Security. A. Prior to the City's execution of this Agreement, SUBDIVIDER shall provide as security to the City:
Improvement Security. In connection with the recordation of any final subdivision map for the Project, Developers shall, through the execution of a subdivision or improvement agreement with the City, provide to the City, in a form reasonably acceptable to City Attorney, improvement security as provided in the City Code to secure the faithful performance of Developers’ obligations under this Agreement to construct the on-site and off- site improvements identified in the final map. The terms, amounts, and provisions for release of the improvement security shall be as set forth in the City Code.
Improvement Security. The amount of security required for Improvements is one and half times the Total Estimated Cost of Improvements from above. $__________________ X 1.25 = $________________ + _________________ = $______________________ Total Estimated Cost Total Estimated Improvement Security of Improvements Signage Cost TOTAL SECURITY AMOUNT The developer shall deposit cash in the amount of the Administrative Escrow indicated above that the Twon will place in escrow and reimburse itself from as it incurs administrative costs. The developer shall deposit cash with the Town, or a provide a bank letter of credit, in the amount of the Improvement Security to be drawn upon by the Town as needed to complete the Improvements or correct defective work. The total of these two amounts constitute the Security required by the Agreement. *Traffic signs typically include stop, speed and dead end signs. Stop signs are placed at all intersections. Speed signs are placed at the entrances to the plat. Dead end or No Outlet signs are placed on all dead end roads longer than 600 feet.
Improvement Security. The DA Amendments will include terms that require the Developer shall furnish and maintain faithful performance, labor and material, and warranty security for the Workforce Units at times to be established in the Schedule of Performance. The Developer will also be required to furnish warranty security prior to the City’s acceptance of the Workforce Units. The form of the security shall be as authorized by the Subdivision Map Act (including Government Code Sections 66499, et seq.) and the City of Xxxxxx City Municipal Code.
Improvement Security. Prior to the commencement of any Project Work, American Rivers will provide as security to District:
