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.50% BOND <br /> Aft <br /> AM11L <br /> Arkansas State Highway Department. <br /> CW <br /> 3. The plans and specifications for the construction of the System <br /> have been approved by the Arkansas State Highway Department and are on <br /> file in its office in Little Rock and in the office of the City Clerk of <br /> the City of Batesville and have been approved and accepted by the City of <br /> Batesville. <br /> 4. The City of Batesville has elected to perform the proposed work with <br /> its own forces, equipment, and materials which work is described as follows: <br /> Installation of traffic control signs, installation of centerline <br /> markings; installation of two one-way couplets (Main and College Sts. ; <br /> 4th and 5th Sts. ). <br /> 5. In furtherance of this project, the City of Batesville, as Sponsor of <br /> this project, has made a Performance Bond, executed by a Bonding Company <br /> authorized to do business in this State, in the penal sum of <br /> AUK <br /> which is one-half the estimated cost of said work and the materials enter- <br /> ing into said Construction with the understanding that the Arkansas State <br /> Highway Department will retain all estimates in full until and when the <br /> total of such estimates equals fifty percent of the cost of the project, <br /> plus the full cost of all nonparticipating charges, after which City will <br /> receive warrants paying subsequent estimates. <br /> 6. The City of Batesville, as Contractor, agrees to perform this work at <br /> the unit prices shown on the attached Schedule of Negotiated Unit Prices <br /> composed of pages. <br /> As the work undertaken by the City of Batesville hereunder progresses, <br /> the Arkansas State Highway Department in its supervision thereof will from <br /> time to time issue partial estimates, based on work performed at the <br /> Negotiated Unit Prices until the work is completed and will credit to or <br />