The City Engineer may authorize, in writing, the release of a portion of the security in conjunction with the acceptance of the satisfactory completion of a part of the improvements as the work progresses, upon application by the subdivider; but in no case shall the security be reduced to less than 50% of the total improvement security given for faithful performance. The amount of reduction of the security shall be as determined by the City Engineer; however, in no event shall the City Engineer authorize a release of the improvement security which would reduce such security to an amount below that required to guarantee the completion of the improvements and any other obligation imposed by this Title, the Map Act or the improvement agreement.
('86 Code, § 22.60.050) (Ord. 4120, passed - - )