In those cases where improvement guarantees have been made, the amount of the guarantee may be reduced upon acceptance of the dedication of a portion of the required improvements. The amount of reduction shall not exceed the percentage which the improvement just accepted made up of all originally required improvements. In no case, however, shall the guarantee be reduced to less than 15% of the original amount. Upon acceptance of the final portion of improvements, the governing body shall authorize the release of the remaining portion of the improvement guarantee.
(Prior Code, § 11-5-6) (Ord. 594, passed 8-5-1997)