A. Improvement security given for faithful performance of the agreement shall be released upon the performance of the act secured or final completion and acceptance of the required work.

Notwithstanding the foregoing, the Director of Public Works may approve the partial release of the faithful performance security after the completion of all improvements in accordance with approved plans, to the satisfaction of the City Inspector in an amount not to exceed 75 percent of the dollar amount of the original security for faithful performance, provided the remaining balance of such 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 required under the subdivision improvement agreement and/or any supplemental subdivision improvement agreement.

B. The 50 percent labor and material bond shall be retained to secure payment to the contractor, his subcontractors and to persons renting equipment or furnishing labor or material for 35 days after completion and acceptance of the work. Following such 35-day period, this labor and material security may be reduced to an amount not less than the total of all claims on which an action has been filed and notice thereof given in writing to the City. (Ord. 3153 § 2 (Exh. C), 2010; Ord. 3132 § 2, 2009; Ord. 2100 § 1, 1985; Ord. 1369 § 2, 1971; prior code § 28.314(2). Formerly 18.16.310).