Chapter 25 SUBDIVISIONS*
Section 25-59 Reduction and release of guarantees.
Reduction. In those cases where a performance or other surety guarantee has been made in
accordance with section 25-30, the amount of guarantee may be reduced upon public acceptance
of dedicated portions of the required improvements. The amount of surety shall not be reduced to
an amount less than the estimated cost of constructing the required improvements which have not
yet been accepted by the city. In no case shall the amount retained by the city be less than fifteen
(15) percent of the original amount, pending completion and acceptance of all of the required
Release. Upon acceptance of the dedication of the final portion of the improvements, the
city shall authorize the release of the remaining portion of the improvements guarantee.
(Code 1964, § 19-564; Ord. No. 10099, § 1, 3-5-84)