A. Landscaping, irrigation, grading, and drainage bonds and other security for these purposes shall be released upon the latter of the following:

B. Notwithstanding the foregoing subsection (A) of this section, the Director of Public Works may approve the partial release of the faithful performance security after the completion of all improvements per approved plans, as determined by the City Inspector, in his sole discretion, in an amount not to exceed 75 percent of the original security required pursuant to this chapter, provided the remaining balance of the security for faithful performance equals or exceeds the estimated cost, as determined by the Director of Public Works, in his sole discretion, to complete the outstanding work.

C. Prior to the release of security for faithful performance for landscaping bonds, a maintenance bond in the amount of 15 percent of the original security shall be provided to cover the one-year maintenance period. Such bond shall not be released until the end of the maintenance period. In lieu of providing a maintenance bond, the faithful performance security may be reduced to 15 percent of the original security amount. An addendum to the bond in the form of a rider or equivalent document containing language requiring the maintenance of improvements as an obligation to be fulfilled under the bond shall be required and provided to the City. (Ord. 3132 § 1, 2009; Ord. 3005 § 1, 2005; Ord. 1877 § 2, 1979; Ord. 1797 § 1, 1978).