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i <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />(a) Performance Bond Prior to cornmencing construction, the developer <br />constructing the facility shall post a performance bond in an amount of <br />120� of the cost of construction per the approved arainap dans. Atter <br />determination by the City Engineer that all facilities are consVucted in <br />compliance with the approved plans, the perforrnance bond sliall be released. <br />Alternatively, an equivalent cash deposit to r.n escrow account administered <br />by a local bank designated by the City may be acceptable. <br />(b) Maintenance Warranty Bonds Atter satisfactory cornpletion <br />of the facilities and release of the pertormance bond by the City, the developer <br />constructing the facility stiall commence a two (2) year period of satis[actory <br />maintenance of the facility. A warranty bond to be used at tlie discretion <br />of the City Engineer to correct deficiencies in said tnaintenance atfecting <br />public health, safety and welfare must be posted and maintained througliout <br />the two year maintenance period. The amount of the warranty bond shall <br />be ten percent of the estimated construction cost of thc drainage facilities. <br />l� addition, the warranty bond shall cov�r the cost of design defects and/or <br />failures in workmanship of the facilities througho�t the two year maintenance <br />period. Alternatively, an equivalent cash deposit to an escrow account <br />administered by a local bank designated by tlie City may be acceptable. <br />(c) _.ici�ility Policy The developer constructing the facility shall <br />maintain a liability policy in the amount of two hundred thousand dollars <br />per individual, five hundred thousand dollars per occurrence, and one <br />hundred thousand dollars property damage, which shall narne tlie City as <br />as additional insured and which shall protect thc City trom any liability <br />up to those amounts for any accident, negligence, failure uf tlie tacility, <br />or any other liability wl��tsoever, relating ro the construction or maintenance <br />of the facility. Said liability policy sliall be rnaintai�ed for the duration <br />oi the facility by the owner of the facility, provided that in the case of <br />facilities assumed by the City for maintenance pursuant to Section (0 of <br />this ordinance, said liabiliry policy shall be terminated when City Council <br />accepts t!ie facility and City maintenance responsibility commences. <br />� <br />