Ordinances-2003-260

equal to the current estimated cost of the improvement plus thirty percent (30%) of the cost for the City of Tiffin to administer the future improvement. If the funds within the escrow accounts have not been used within a period of five (5) years, the funds within the escrow account, minus any interest income earned, shall be returned to the developer and any further obligation of the developer for the future improvements shall be terminated. The initial escrow account period may be extended upon the written approval of the City of Tiffin. 6. Certificates of Insurance Certificates of Insurance shall be provided to the City of Tiffin prior to the issuance of an access permit for the construction or reconstruction of all types of access as provided for in these regulations. This requirement may be waived for certain minor access by the City of Tiffin upon receipt of written application from a property owner substantiating good and reasonable cause. The owner/developer shall indemnify and save harmless the City of Tiffin and its officers, agents, employees and servants against all loss, damage or expense that it or they may sustain as a result of any suits, actions or claims of any character brought on account of property damage, injury to or death of any person or persons, including all persons performing any work under the access permit, which may arise in connection with the work to be performed. The access permit is not intended by any of the Provisions of any part of the access permit to create the public or any member thereof a third party beneficiary, or to authorize any one not a party to the access permit to maintain a suit for personal injuries or property damage pursuant to the terms or Provisions of the access permit. The duties, obligations and responsibilities off the parties to the access permits with respect to third parties shall remain as imposed by law. The owner/developer, prior to the issuance of the access permit, shall file with the City of Tiffin copies of completed Certificates of Insurance, satisfactory to the Development of streets to afford protection against all claims for damages to public or private property, and injuries to persons, arising out of and during the progress of the work to its completion, approval, and post approval maintenance corrections. The policy of insurance shall include the City of Tiffin as an additional insured or provide separate coverage with an owner's protective policy. The minimum amounts of insurance shall be determined as specified in the Iowa Department of Transportation Standard Specifications for Road and Bridge Construction as amended for the following types of