DEVELOPMENT STANDARDS SECTION 9 – BONDING STANDARDS 7 Bond No._______________ Public Works Bond City of Ellensburg KNOW ALL MEN BY THESE PRESENTS: That we,___________________________________________, as Principal, and the ______________________________________, (Lender, Depositor), whose principal office is located ________________________________________________________ are held firmly bound unto the CITY OF ELLENSBURG, WASHINGTON, a Municipal Corporation, in the penal sum of________________________________________________, ($___________________________) DOLLARS, lawful money of the United States to be paid to the said City of Ellensburg to ensure completion of __________________________________________________ (Name of Project) to be used as a ______________________________ (Type of Bond), for the payment of which we bind ourselves, our legal representatives, successors and assigns jointly and severally, firmly by these presents. Signed, sealed and dated this _________________day of______________,20________. The conditions of this obligation are such that, whereas, the above bounden Principal has applied for a permit for construction of (Name of Project) __________________________. Principal agrees that these funds will be released to the City of Ellensburg upon notice by the City of Ellensburg that the improvements and or repairs were not completed within the prescribed time. NOW THEREFORE, the above named Principal shall indemnify, defend and save harmless the City of Ellensburg from all claims, actions or damages of every kind and description which may accrue as a result of opening and/or working upon any roadway, street, alley, avenue or other public place, by him or those in his employ, in installing or making connections with any public or private sewer or water system or utility or any other purpose of object whatever, and that he will replace and restore such roadway, alley, easement or other public place to a good a state or condition as at the time of the commencement of said work, and maintain the same in good order The above named Principal/ Lender agree to secure these funds for the use of or release by the City of Ellensburg, to complete improvements specified, in the event the Principal fails to complete improvements. Under no circumstances will the release of these funds be authorized, without the written permission of the City of Ellensburg. Only upon written approval from the City of Ellensburg will lender be allowed to release portions of the funds, or modify the amount required to be held. The lender will not cancel this account until such time as the City gives written authorization, and other arrangements have been made from the Principal and the City of Ellensburg. We further agree that these funds will be released to the City of Ellensburg upon notice by the City of Ellensburg that the improvements were not completed within the prescribed time. If either party brings
