Res 70 6337 - Laserfiche WebLink

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f ~ . . j specifications for the improvement of the Perry Manor subdivision, on file in the office of the City Engineer. 2. That said owners or subdividers shall, before the release of said final map to owners of record and as a condition precedent to the recordation thereof, furnish to the City and file with the City Clerk a good and sufficient bond in form to be approved by the City Attorney, securing the faithful performance by said owners or subdividers of all work and the construction of all improvements designated or mentioned in said agreement, and within the time therein specified, the amount of said bond to be Thirty-five Thousand Dollars ($35,000.00) , and also a good and sufficient bond in form to be approved by the City Attorney securing the payment by said owners or subdividers of all bills for labor and materials incurred in the construction of any and all said improve- ments, and the doing of all other work therein agreed to be done by the said owners or subdividers, the amount of said bond to be Thirty-five Thousand{Dollars ($35,000.00). In lieu of furnishing surety bonds, as required by this paragraph 2, Subdividers may deposit improvement security in the cash amount of Thirty-five Thousand Dollars ($35,000.00) with a corporate escrow depository approved by the City. The terms of the deposit shall be subject to the approval of City and shall expressly provide (a) that the escrow shall be irrevocable except on written release executed by the city Manager and (2) that it is subject to the provisions of subdivisions (a) and (b) of Section 11612 of the Business and Professions Code. 3. That said owners or subdividers shall, before the release of said final map to owners of record and as a condition precedent to the recordation thereof, furnish to the City and file with the -2-