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cash deposit to an escrow account administered by a local bank designated by the City <br /> may be acceptable. <br /> E. Liability Tnsurance. 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 /> is hereby amended to read as follows: <br /> A. The City Engineer is authorized to require developers constructing retention/detention <br /> and/or other drainage treatment/abatement facilities serving areas larger than one acre to <br /> post surety bond(s) or other form of guarantee acceptable to the City. <br /> B. Where such developers have previously posted, or are required to post, other such bonds <br /> on the facility itself or on other construction related to the facility, such person may, with <br /> the permission of the City Engineer and to the extent allowable by law, combine all such <br /> bonds into a single bond, provided that at no time shall the amount thus bonded by less <br /> than the total amount which would have been required in the form of separate bonds, and <br /> provided further that such a bond shall on its face clearly delineate those separate bonds <br /> which it is intended to replace. <br /> C. Performance Bond. Prior to commencing construction, the developer constructing the <br /> facility shall post a performance bond in an amount of one hundred twenty percent of the <br /> cost of construction per the approved drainage plans. After determination by the City <br /> Engineer that all facilities are constructed in compliance with the approved plans, the <br /> 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 />