The improvement security required hereunder shall be released in the manner which follows. Security given for faithful performance of an act or agreement shall be released upon final completion and acceptance of the act or work. Security given to secure payment to the contractor, his subcontractors and to persons furnishing labor, materials or equipment, may 60 days after the completion and acceptance of the act or work, be reduced to an amount equal to 125% of the aggregate amount of all claims therefor filed an of which notice has been given to the city, plus an amount reasonably determined by the City Engineer 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. Security give to secure the payment of an engineer or surveyor for setting survey monuments, shall be released upon receipt, by the City Engineer on written proof from the engineer or surveyor that he has set the monuments and that he has been paid for this work. No security given for the guarantee for warranty of work shall be released until the expiration of the period thereof and the completion and acceptance of any repair, replacement or other work found to be needed during such warranty period.
('61 Code, 19.20) (Ord. 852, passed - - )