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The improvement security required hereunder shall be released in the following manner:
.010 Security given for faithful performance of any act or agreement shall be released upon the final completion and acceptance of the act or work.
.020 Security given to secure payment to the contractor, his subcontractors and to persons furnishing labor, materials or equipment, may, six months after the completion and acceptance of the act or work, be reduced to an amount equal to the amount of all claims therefor filed and of which notice has been given to the legislative body, plus an amount reasonably determined by the City Council to be required to assure the performance of any other obligations secured thereby. The balance of the security shall be released upon the settlement of all such claims and obligations for which the security was given.
.030 No security given for the guaranty or warranty of work shall be released until the expiration of the period thereof. (Ord. 3474 § 2 (part); October 21, 1975.)