Ord 1975-013 - Laserfiche WebLink

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180-n I 2. Trust Agreement: Has placed on deposit in a bank or trust company, in the name of the City and approved by the City, in a trust account a sum of money equal to one hundred twenty-five percent (125%) of the estimated cost of all site improvements as required by this Ordinance, the cost and time of completion as estimated by the Director of Public Works. The selection of the trustee shall be subject to approval by the City of San Marcos, and the trust agreement shall be executed on the form pro- vided by the City and approved as to form and legality by the City Attorney. Periodic withdrawals may be made from th~ trust account for a progressive payment of installation costs. The amounts of such withdrawals shall be based upon progress and work estimates approved by the Director of Public Works, All such withdrawals shall be approved by the trustee. I 3, Unconditional Guarantee from Local Bank or Local Federally Insured Savings and Loan Association or other Financial Institution as Approved by City of San Marcos: Has filed with the Planning and Zoning Commission a letter on the form provided by the City, signed by a principal officer of a local bank or local federally insured savings and loan association or other financial institution, acceptable to the City, agreeing to pay to the City of San Marcos, on demand, a sum of money equal to one hundred twenty- five percent {125%) of the ~stimated costs of installation of all improvements required by this Ordinance, and to be applied to installing said improvements for which the subdivider or developer ~s responsible under this Ordinance. The guaranteed payment sum shall be the estimated costs and scheduling as prepared by the Director of Public Works. The letter shall state the name of the subdivision and shall list the improvements for which the subdivider or developer is required to provide, 3. If the subdivider chooses to construct the required improvements prior to recordation of final plat, all such construction shall be inspected while in progress by the Director of Public Works, and must be approved upon com- pletion by the Director of Public Works. A certificate by such officer stating that the construction conforms to the specifications and standards contained in or referred to herein must be presented to the Planning and Zoning Commission prior to recordation of the final plat. 4, No plat shall be filed of record without written consent of the subdivider, If the subdivider fails to give such written consent within ten (10) days of the date of satis- faction of the requirements ofrsubsection 2 of this section, the Commission may at any time thereafter cancel such approval. I Section J, Subdivider's Responsibilities. The following requirements shall be met or tendered to the Director of Public Works prior to recordation. 1. Guarantee of Materials and Workmanship: The subdivider, or developer, shall require of his construction contractors with whom he contracts for furnishing materials and installing th~ improvements required under this Ordinance, and shall himself be responsible, for guaranteeing that all materials and workmanship in connection with such improve- ments are free of defects for a period of one (1) year after acceptance of the improvements by the Director of Public Works.