The subdividers contract may allow for a partial release of the bond when specific improvements have been made, inspected, tested and approved by the City Engineer. However, the agreement shall provide that before any funds are released, the City Engineer issue a certificate that the balance remaining after the payment shall, in his or her opinion, be adequate to pay the remaining cost of the improvements and the cost of “repairs and maintenance.” In no case shall the performance bond, letter of credit or certified check be reduced to less than 10% of the original estimate before the public improvements are accepted by City Council.
(Ord. 99-207, passed 1-10-2000)