Sec. 26-314. - Release of security.

The initial and subsequent security furnished by the subdivider may be released in the following manners upon authorization by the City Council:

(a)

Completion of all required improvements to the satisfaction of the City Engineer.

(b)

Completion of a portion of the required improvements to the satisfaction of the City Engineer and the furnishing of new security by the subdivider for the remaining portion of the required improvements. This procedure will only be initiated at the discretion of the City Engineer, and the new security shall include an estimated amount for any repairs of the previously completed improvements concurrent with the completion of the remainder of the improvements.

(c)

The furnishing of new security by the subdivider to replace the initial security.

(d)

The furnishing of new security by other person or persons, including assessment districts, which replaces in whole or part the initial security. If replacement is partial, the subdivider shall furnish new security for the portion not replaced.

(e)

Such other arrangement or condition at the discretion of and with the approval of the City Engineer may be considered by and authorized by the City Council.

(Ord. No. 2519, § 5(Exh. A), 2-20-24)