When a subdivider has given security in any of the forms provided in § 153.0834 of this chapter, and when 50% of the required site improvements has been completed and accepted by the City Manager, or whenever any segment or segments of the required site improvements have been completed and accepted by the City Manager, the subdivider may substitute for the original guarantee a new guarantee in an amount equal to the cost of the remaining site improvements. The cost estimate shall be approved by the City Manager. Such new guarantee need not be in the same form as the original guarantee so long as such guarantee is one that is listed in § 153.0834 of this chapter. However, in no event shall the substitution of one security for another in any way change or modify the terms and conditions of the performance agreement or the obligation of the subdivider as specified in the performance agreement.
(Ord. 3020, passed 9-10-2013, § 4.36.6)