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After the full and faithful performance of the improvement agreement by the subdivider, acceptance of the public improvements by the City Engineer, and the posting of the guarantee security pursuant to Section 9-3.1005 of Article 10 of this chapter, the City Engineer shall exonerate all improvement security posted to secure the execution of the agreement. The City Engineer may accept a cash deposit or a certificate of deposit necessary to accomplish the required performance in lieu of all or part of such performance when he finds it is reasonable and necessary under all of the circumstances. Upon a request of the subdivider, the City Engineer, in his discretion, may reduce the amount of the improvement security by partial exoneration in an amount not exceeding ninety (90%) percent of the total estimated costs of the improvements of the subdivision when a corresponding percentage amount of improvements has been fully completed to the satisfaction of the City Engineer. However, under no circumstances shall such partial exoneration constitute acceptance of the improvements upon which such partial exoneration is granted.
(Ord. 744-NS, eff. April 17, 1980, as amended by § 6, Ord. 1537-NS, eff. June 25, 2010)