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<br /> DES:dft 8/21/91R (006/10) <br /> 3/26/91R <br />Improvements shall be provided by the Applicant pursuant to <br />a Reimbursement Agreement. <br /> (b) Security Deposit. Prior to or upon the adoption <br />of a resolution of intention and a resolution authorizing <br />and directing the advertisement for bids the Applicant shall <br />deposit with the Director security guaranteeing that the <br />Applicant shall enter into a Reimbursement Agreement if a <br />resolution approving the application for a Reimbursement <br />Agreement and apprOV1.ng and authorizing execution of such <br />Agreement is adopted pursuant to Section 18.222. The amount <br />of said security shall be fifty percent (50%) of the Costs <br />of the Improvements. Said security shall be in the form of <br />cash, cashier's check, performance bond, letter of credit, <br />or other security instrument, the nature of which shall be <br />subject to the approval of the Director and the form of <br />which shall be subject to the approval of the City Attorney. <br /> If proceedings are terminated by majority protest <br />pursuant to Section 18.217 or by the Applicant's election to <br />terminate pursuant to Section 18.22l and the Applicant is <br />not obligated to enter into a Reimbursement Agreement <br />approved pursuant to Section 18.222 the aforesaid security <br />shall be null and void and returned to the Applicant. If a <br />resolution approving the application for a Reimbursement <br />Agreement and approving and authorizing the execution of <br />such agreement is adopted pursuant to Section 18.222 and the <br />Applicant fails or refuses to enter into said Agreement <br />and/or fails or refuses to deposit the full Costs of the <br /> l3 <br />