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necessitated or required, at least in part, by the construction or improvement of the <br />subdivision or development, subject to the following: <br />(1) No such payment shall be required until such time as the city shall establish a general <br />sewer, water and drainage improvement program for an area having related and <br />common sewer, water and drainage conditions and within which the land owned or <br />controlled by the subdivider or developer is located. <br />(2) Such share shall be limited to the proportion of such total estimated cost which the <br />increased sewage flow, water flow and/or increased volume and velocity of stormwater <br />runoff to be actually caused by the subdivision or development bears to total estimated <br />volume and velocity of such sewage, water and/or runoff from the applicable area <br />having an established general improvement plan as required by subsection 0)(1) of this <br />section. <br />(3) In lieu of any such payment, the subdivider or developer shall execute and file with the <br />city engineer an agreement and bond with surety, satisfactory to the city attorney, equal <br />to the estimated costs, as established by the city engineer, of such improvements <br />conditioned upon payment at the commencement of construction of the facilities. An <br />irrevocable letter of credit issued by a bank in a form approved by the city attorney <br />may also be accepted under the same terms and conditions applicable to bonds. <br />(4) Any payments received shall be kept in a separate account for each of the individually <br />established improvement programs until such time as they are expended for the <br />improvement program. <br />