Ninety percent of security posted pursuant to § 162.280 shall be released to owner upon the completion of improvements permitted per this chapter and the passage of final inspection per § 162.660(H). City shall retain the remaining 10% of posted security through the first year after the passage of final inspection in order to insure, and fund if necessary, the workmanship and maintenance of any public or private Improvements implemented pursuant to this chapter. Any security not needed to address issues as to the workmanship or maintenance of such improvements during said first year shall be refunded to owner.
(Ord. 1449, passed 10-19-05)