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The improvement security required hereunder shall be released in the following manner:
(A) Security given for faithful performance of any act, performance, or agreement shall be released upon the final completion and acceptance of the act or work subject to the provisions of subsection (B) hereof.
(1) The city manager may release a portion of the security in conjunction with the partial performance or the acceptance by the city of the performance, the act, or work as it progresses upon application therefor by the developer; provided, however, that no release of security shall be for an amount less than 25% of the total improvement security given for faithful performance of the act or work, and the security shall not be reduced to an amount less than 25% of the total improvement security given for faithful performance until final completion and acceptance of the act or work.
(2) In no event shall the city manager authorize a release of improvement security which would reduce the security to an amount below that required to guarantee the completion of the performance, the act, or work and any other obligation imposed by this chapter, the Subdivision Map Act or the improvement agreement.
(B) Security given to secure payment to the contractor, subcontractors and to persons furnishing labor, materials or equipment may be released 65 days after the recording of a notice of completion, or if a notice of completion is not recorded, 95 days. The amount of the security required shall be the total security less the amount of all claims of lien that have been recorded and notice given to the city in writing.
(C) No security given for the guaranty or warranty of work shall be released until the expiration of the period thereof.
(`64 Code, Sec. 27-112) (Ord. No. 1570)