Res 1994-106 - Laserfiche WebLink

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I 15'1A -2- 3.3 SMCISD agrees to construct the Intermediate School Improvements and the Junior High School Improvements to city standards. 3.4 SMCISD understands and agrees that the Intermediate school Improvements, including the construction of Stagecoach ,Road from Hunter Road to Station Point 20+22.61, must be fully completed by t -~. SMCISD and accepted by the City before a certificate of Occupancy I will be issued by the city and before utility services to the . . Intermediate School are instituted in the name of SMCISD. 3.5 SMCISD understands and agrees that the Junior High School Improvements must be fully completed by SMCISD and accepted by the city before a certificate of Occupancy will be issued by the city and before utility services to the Junior High School are instituted in the name of SMCISD. 3.6 SMCISD agrees to insure that stagecoach Road, or an all- weather road adjacent to stagecoach Road, will remain open throughout the construction of the Intermediate School and the Intermediate School Improvements, and will be maintained and repaired if damaged by construction vehicles and traffic. ~ 3.7 SMCISD agrees to provide security for its completion of the Intermediate School Improvements and the Junior High School Improvements in the amount of $699,791.93 in one of the following ways: 3.7.1 Cash deposit in an escrow account at a local bank. 3.7.2 Irrevocable letter of credit issued by a Texas bank. I The terms of the escrow or letter of credit will be subject to ¡ approval by the city Attorney. The escrow account or letter of credit shall be subject to draft by the City with the mutual consent of SMCISD in the estimated amount of completion costs if the Intermediate School Improvements are not fully completed by the time the Intermediate School is ready for occupancy. The escrow account or letter of credit shall be subject to draft by the city in the estimated amount of completion costs if the Junior High School Improvements are not fully completed by the time the Junior High School is ready for occupancy. The amount of the security may also be reduced by SMCISD in the amount of its contractor's invoices times 125% for work on the Intermediate School Improvements or the Junior High School Improvements which has been verified by inspection by the city for percentage of the total work completed. The city will release any unused portion of the security upon its acceptance of the Intermediate School Improvements and/or the Junior High School Improvements.