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Deleted:7-23 1 i Sec.,$-840.Implementation of a Deposit Account. (1) The application shall not be accepted or processed by the City unless accompanied by a deposit as provided in this Article. 12) If at any time the balance of the deposit account is depleted to less than five percent of the originally required cash deposit amount,the applicant must deposit additional funds in the account as determined by the*Community Development Director or designee,sufficient to cover .....[Deleted:City Manager j all costs expected to be incurred by the City. (3) Any balance remaining in the deposit account upon completion of all conditions of approval and compliance with all ordinances of the City,must be returned to the depositor by the Finance Department after all claims and charges have been paid and after approval by City Council. (4) If all or a part of a development has been completed, inspected and accepted,all cash deposit monies for that portion accepted by the City may be reduced by the City and full or partial payment may be returned to the applicant. Upon acceptance of all items covered in the applicant's development contract,the City Council must return the unused cash deposit balance to the applicant. ---{Formatted:Tabs: 0.39",Left (5) The amount of the escrow deposit shall be approved by the City Council by resolution. Deleted:Sec.7-24 Withholding and This ordinance is effective the date following its publication. Release of the Financial Guarantee by the City, The City may hold the financial guarantee until all obligations of Adopted this day of ,2008. the development contract have been met.¶ (1) The financial guarantee can only be released by the City Council!! (2) Periodically,the amount of the financial guarantee may be reduced by the City Council!! Steve Larson,Mayor (3) Reduction and release actions will only be initiated after proper request from the applicant!! Sec.7-25 Contractor Compliance. Failure to comply with the conditions of the application approval,the development contract,or a City ordinance may result Dean R Lotter,City Manager in forfeiture of the fmancial guarantee to the extent necessary to achieve the ATTEST: project's total compliance with the approved site planSec.7-26. Responsibility for Administration.The City Manager or the City Manager's designee shall administer,implement,and Daniel A.Maiers enforce the provisions of this Article Sec. 7-27.Sev ere The provisions of Director of Finance and Support Services/City Clerk this articlec are are hereby declared to be severable.If any provision,clause, sentence,or paragraph of this Article or the application thereof to any person, establishment,or circumstances shall be held invalid,such invalidity shall not affect the other provisions or application of this Article C:\Documents and Settings\gferne\Local Settings\Tempodry Internet Files\OLK9C\ZC Chapter 8 Revisions(GF Edits)(2).DOC