Release of Deposit. If an element of the Improvements (i.e., storm drain, roadway, parks and open space and/or culinary and irrigation water) has been constructed to the reasonable satisfaction of the City, then the City will release fifty percent (50%) of the Deposit that is associated with such element. Upon Installation/Acceptance of an element of the Improvements, the City will release forty percent (40%) of the Deposit that is associated with such element. Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Deposit.
Appears in 3 contracts
Sources: Bond Agreement, Bond Agreement for Completion of Proposed Improvements, Bond Agreement
Release of Deposit. If an element of the Improvements (i.e., storm drain, roadway, parks and open space and/or culinary and irrigation water) has been constructed to the reasonable satisfaction of the City, then the City will release fifty percent (50%) of the Deposit that is associated with such element. Upon Installation/Acceptance of an element of the Improvements, the City will release forty percent twenty- five (40%) of the Deposit that is associated with such element. Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Deposit.
Appears in 2 contracts
Sources: Bond Agreement, Bond Agreement
Release of Deposit. If an element of the Improvements (i.e., storm drain, roadway, parks and open space and/or culinary and irrigation water) has been constructed to the reasonable satisfaction of the City, then the City will release fifty percent (50%) of the Deposit that is associated with such element. Upon Installation/Acceptance of an element of the Improvements, the City will release forty percent (40%) of the Deposit that is associated with such element. Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Deposit.
Appears in 1 contract
Sources: Bond Agreement