A. Deposit With Escrow Agent Or Trust Company: A cash deposit, certified check, negotiable bond, or an irrevocable bank letter of credit, such surety acceptable by the city council, shall be deposited with an escrow agent or trust company.
B. Dollar Value: The dollar value of the cash deposit, certified check, negotiable bond, or an irrevocable bank letter of credit, shall be equal to one hundred ten percent (110%) of the estimated cost of construction for the specific public improvement, as estimated by the city engineer and approved by the city council.
C. Escrow Time: The escrow time for the cash deposit, certified check, negotiable bond, or irrevocable bank letter of credit shall be for a period to be specified by the city council. (Ord. 8-96, 11-11-1996)