A cash deposit shall be placed with the city as a guarantee fund to assure completion of all obligations in respect to fees charged for conferences, plan checks, field inspection, transfer of ownership, and all other functions performed in processing such improvements from concept to acceptance by the city. The cash deposit shall be retained (if not otherwise utilized), by the city up to the date of acceptance of the improvements by the city. This deposit may be used by the city to satisfy any outstanding obligations as to city expenses incurred (particularly including the city's consulting engineer and other professional advisors), which obligations are not paid within 30 days of invoiced date of consultant or professional advisor, or which obligations are outstanding at time of city accepting the improvement. Furthermore, the city reserves the right to suspend any further work on the improvements should the developer fail to make timely payments of all invoices billed, and/or upon failure to reimburse the funds withdrawn from the deposit. The developer will be reimbursed all deposit money remaining after all obligations are satisfied at time of acceptance of improvement. No reimbursement will be made for incomplete improvements and the city reserves the right, after one year of inactivity by developer, to dispense such funds as it desires to any related city fund, or expense. The amount of cash deposit for each development shall be $1,000 or more established from time to time by council action. The deposit is intended to assure monthly payments of city expenses as described above and does not indicate in any manner the total fees for the project, which fees usually vary indirectly with the developer's ability to execute the performance of his total project.
(Ord. 483 § 9.1, 1980)