When a cash deposit or performance bond are made pursuant to the preceding sections, the city and the subdivider may enter into a written agreement itemizing the several phases of the construction or installation in sequence with an amount opposite each phase, provided that each amount so listed may be repaid to the subdivider upon completion and approval after inspection of the particular phase of such work represented by said amount. However, 10% of the cash deposit, certified check or the performance bond shall not be released to the subdivider until all construction and installation covered by the deposit, certified check or bond as outlined in the subdivider’s contract is completed, inspected, approved by engineer and accepted by the respective governmental authorities.
(Ord. passed 7-21-99)