A. Security for performance may be reduced as work progresses only for the work satisfactorily completed. Upon written request from the subdivider, the city engineer or other designated city official shall determine the value of work completed satisfactorily and submit it to the city council for approval. In no event shall such security be reduced more than ninety percent. Upon final completion and acceptance of the work as determined by the city engineer or other designated city official, a notice of completion shall be filed with the county recorder. Ten percent of such security shall be retained for one year after the filing of such notice.

B. Security for labor and material shall be released six months after such notice of completion is filed; provided, that no claims are filed, the amount of such security shall be reduced equal to the amount of such claims. The balance of the security will be released on the satisfactory settlement of such claims. No security given for the guarantee or warranty of work shall be released until the expiration of the period thereof. (Ord. 617 §2 (Exh. A), 2011; Ord. 474, 2002).