A. Security For Performance: May be reduced as work progresses only for the work satisfactorily completed. Upon written request from the subdivider, the City Engineer or other designated City official shall determine the value of work completed satisfactorily. In no event shall such security be reduced more than ninety percent (90%) of the value of the work completed. Upon recommendation of the City Engineer and determination of the City Council, a notice of completion shall be filed with the County Recorder.
B. Security For Labor And Materials: Shall be released thirty five (35) days after such notice of completion is filed; provided that no claims are filed. If any claims are filed, the amount of such security retained shall be equal to the amount of such claims. No security given for the guarantee or warrant of work shall be released until the expiration of the period thereof.
C. Maintenance Bond: After filing the notice of completion and before final release of any security, the subdivider shall provide the City with a one year maintenance bond in the amount of ten percent (10%) of the City Engineer's estimated cost of improvements. Such bond or other security shall be subject to review by the City Attorney and approved by the City Council. (Ord. 527, 8-4-1997)