20-73 - Release of security.

The security furnished by the subdivider may be released in whole or in part by the director of public works pursuant to section 66499.7 of the Government Code.

(Ord. No. 3188, § 1(Exh. A), 3-14-95)

When the required subdivision improvements are financed and installed pursuant to special assessment proceedings, upon the furnishing by the contractor of the faithful performance and labor and material bonds required by the special assessment act being used, the improvement security of the subdivider may be reduced by an amount corresponding to the amount of such bonds so furnished by the contractor, upon the approval of the director of public works.

(Ord. No. 3188, § 1(Exh. A), 3-14.95)