Section 25-59 Reduction and release of guarantees.


    (a) Reduction. In those cases where a performance or other surety guarantee has been made in accordance with section 25-30, the amount of guarantee may be reduced upon public acceptance of dedicated portions of the required improvements. The amount of surety shall not be reduced to an amount less than the estimated cost of constructing the required improvements which have not yet been accepted by the city. In no case shall the amount retained by the city be less than fifteen (15) percent of the original amount, pending completion and acceptance of all of the required improvements.

    (b) Release. Upon acceptance of the dedication of the final portion of the improvements, the city shall authorize the release of the remaining portion of the improvements guarantee.

(Code 1964, § 19-564; Ord. No. 10099, § 1, 3-5-84)