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(5) A performance bond submitted to the Cityby a surety company holding a <br />license to do business in the State of Texas and providing a date for <br />completion of the required public improvements <br />(b) Amount and Acceptability. The security shall be issued in the amount of <br />125% of the cost estimate approved by the Engineering Director for all public <br />improvements associated with the subdivision. The security shall be subject to the <br />approval of the City Attorney. <br />SECTION 2. If any word, phrase, clause, sentence, or paragraph of this ordinance is <br />held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of <br />this ordinance will continue in force if they can be given effect without the invalid portion. <br />SECTION 3. All ordinances and resolutions or parts of ordinances or resolutions in <br />conflict with this ordinance are repealed. <br />SECTION 4. This ordinance will take effect after its passage, approval and adoption <br />on second reading. <br />PASSED AND APPROVED on first reading on September 4, 2012. <br />PASSED, APPROVED AND ADOPTED on second reading on September 18, 2012. <br />Attest: <br />Jai ee Pettijohn <br />City Clerk <br />D iel 4Guerrero <br />ayor <br />Approved: <br />Michael . Co ntino <br />City At )mey <br />