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performance bond shall be released. Alternatively, an equivalent cash deposit to an <br /> escrow account administered by a local bank designated by the City may be acceptable. <br /> D. Maintenance Warranty Bonds. After satisfactory completion of the facilities and release <br /> of the performance bond by the City, the developer constructing the facility shall <br /> commence a two-(2) year period of satisfactory maintenance of the facility. A warranty <br /> bond to be used at the discretion of the City Engineer to correct deficiencies in said <br /> maintenance affecting public health, safety and welfare must be posted and maintained <br /> throughout the two year maintenance period. The amount of the warranty bond shall be <br /> ten percent of the estimated construction cost of the drainage facilities. In addition, the <br /> warranty bond shall cover the cost of design defects and/or failures in workmanship of <br /> the facilities throughout the two year maintenance period. Alternatively, an equivalent <br /> cash deposit to an escrow account administered by a local bank designated by the City <br /> may be acceptable. <br /> E. Liability Insurance. The developer constructing the facility shall maintain a liability <br /> insurance policy in the amount of five hundred thousand dollars per individual, one <br /> million dollars per occurrence, and five hundred thousand dollars property damage, <br /> which shall name the City as an additional insured and which shall protect the City from <br /> any liability up to those amounts for any accident, negligence, failure of the facility, or <br /> any other liability whatsoever, relating to the construction or maintenance of the facility. <br /> Said liability policy shall be maintained for the duration of the facility by the owner of <br /> the facility, provided that in the case of facilities assumed by the City for maintenance <br /> pursuant to Section 8 of this ordinance, said liability policy shall be terminated when City <br /> Council accepts the facility and City maintenance responsibility commences. <br /> SECTION 8: CITY ASSUMPTION OF OPERATION AND MAINTENANCE. <br /> Section 8 of Ordinance 2196-97 (EMC 14.28.430),which reads as follows: <br /> The City may assume the operation and maintenance of retention/detention or other <br /> drainage treatment/abatement facilities after the expiration of the two (2) year operation and <br /> maintenance period in connection with the subdivision of land if: <br /> 35 <br />