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DES : djk 05 / 21 / 96 ( 010 / 70 ) <br /> assessment district , or within the scope of work proposed for such <br /> other proceedings , Owners shall cooperate in the formation of such <br /> assessment district or other proceedings and hereby waive any <br /> objection to the formation thereof . <br /> 5 . SECURITY , GUARANTEE . ( a ) Upon notification by City to <br /> Owners to proceed with the construction of any or all of the Future <br /> Improvements described in paragraph 1 , Owners shall furnish to City <br /> and file with the City Clerk a bond or deposit securing the faithful <br /> performance by Owners of all such future work and construction <br /> within the time specified by City , the principal amount of which to <br /> CD <br /> security shall be equal to the costs of such construction as Q <br /> determined by City . Owners shall likewise furnish and file with the <br /> N <br /> City Clerk a bond or deposit securing the payment by Owners of all N3 <br /> CD <br /> bills for labor , services , equipment , or materials furnished , or to <br /> be furnished , in the construction of said Future Improvements , or <br /> the doing of all other work herein agreed to be done by said Owners , <br /> with respect to said improvements . The amount of said security shall <br /> be equal to the costs of such construction as determined by City . <br /> The aforementioned security shall include , in addition to the <br /> principal amounts , a guarantee of the payment of costs and <br /> reasonable expenses and fees , including reasonable attorneys fees , <br /> incurred by City in the event of successful enforcement of such <br /> security . The form of such security shall be subject to the approval <br /> of City ' s City Attorney . <br /> ( b ) In the event that Owners furnish a deposit instead of <br /> bonds , said deposit need only be equal to the costs of construction <br /> for said Future Improvements , provided , however , that said deposit <br /> 5 <br />