Security deposited with the city for faithful performance of the grading and erosion control work and to finance necessary remedial work shall be released according to the following schedule:
(a) Securities held against the successful completion of the grading plan and the interim plan, except for interim plans described in Section 16.28.220, shall be released to the permittee at the termination of the permit, provided no action against such security is filed prior to that date.
(b) Securities held against the successful completion of the final plan and an interim plan described in Section 16.28.220 shall be released to the permittee either one year after termination of the permit or when a final plan is submitted for the unimproved site, whichever is later, provided no action against such security has been filed prior to that date.
(Ord. 4564 § 1 (part), 1999)