The bond shall be held by the City Manager pending satisfactory performance of the work, and, upon approval and acceptance of the work by the Municipality, the performance bond shall be released when the person performing the work furnishes a maintenance bond in an amount equal to ten percent of the estimated cost of construction. The maintenance bond shall be payable to the Municipality and shall remain in effect for not less than twelve months after such approval and acceptance of the work. (Ord. 55-46. Passed 11-21-55.)