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MAR 71984 BQa 56 PRCf 384.. set forth in the aforementioned Contract for Required Improvements, which agree- ment is attached hereto and incorporated herein by reference (Contract). 2. Upon completion of any distinct or separable phase or improvements, or independent portion thereof, the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of disbursement desired and shall be accompanied by a sealed certificate from Developer's engineer describing the work completed, the actual cost thereof, the estimated cost of all remaining work which is secured by the escrow account, and that the work for which disbursement is requested has been completed in accordance with the most recent set of plans and specifi- cations approved and on file with the County. 3. The amount of any given disbursement shall not exceed eighty (80%) percent of the total cost of improvements certified as being completed under the preceding paragraph; i.e., twenty (20%) percent of the cost of each phase, improve- ment, or portion thereof, shall be retained in the escrow account until the final reduction, which shall occur only after issuance of --a Certificate of Completion in accordance with the County's Subdivision and Platting Ordinance. 4. Nothwithstanding the above disbursement limits, at no time shall the escrow account balance be reduced below an amount equal to one hundred fifteen (115%) percent of the most recent approved cost estimate of the remaining required improvements. 5. Within seven (7) working days after receipt of a disbursement request, the Public Works Director shall cause an inspection of the work for which payment is sought. If the Public Works Director is satisfied in all respects -2- 11FI