(A) The City Clerk may release up to 90% of the amount of the performance bond/escrow deposit upon receipt of written authorization from the Building Commissioner. The amount which the Building Commissioner authorizes to be released shall be equal to the value of improvements actually completed in accordance with approved plans.
(B) The balance of the amount of the performance bond/escrow deposit shall not be released by the City Clerk until:
(1) The Building Commissioner has certified to the Administrator in writing that all required improvements have been satisfactorily completed; and
(2) Said improvements have been accepted by and dedicated to the city or other appropriate entity.
(Prior Code, § 34-3-18)