(A) Security given for faithful performance of any act or agreement shall be released upon the final completion of the act of the work encompassed by the agreement and the acceptance of the act or work by resolution of the City Council.
(B) 1. Security securing payment to the contractor, his or her subcontractors, and to persons furnishing labor, materials or equipment shall six months after the performance of the act or the completion of the work and its acceptance by resolution of the City Council, be reduced to an amount not less than the total of all claims on which an action has been filed and notice thereof given in writing to the City Council, and if no such actions have been filed, the security shall be released in full.
2. Such releases shall not apply to any required guarantee and warranty period, nor to cost and reasonable expenses and fees, including reasonable attorney fees.
(C) In all cases where the performance of the obligation for which the security is required is subject to the approval of another agency, the City Council shall not release the security until the obligation is performed to the satisfaction of such other agency. Such agency shall have two months after completion of the performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period it has not registered its satisfaction or dissatisfaction, it shall be conclusively deemed that the performance of the obligation was done to its satisfaction.
(Ord. 295, passed 2-4-1986)