REDUCTION OF THE BOND AMOUNT. As elements of the Improvements (e.g., roads) are completed by the Applicant and inspected by the City, a portion of the Bond Amount may be released to the Applicant upon the Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested release shall be determined in the sole discretion of the City. No release shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of the Improvements or any portion of the Improvements, even if verified by the City, shall not automatically entitle the Applicant to a release of any portion of the Bond Amount. The release of any portion of the Bond Amount must be evidenced by a City Certificate of Completion of Public Works, and must be approved in writing by the City Attorney.
REDUCTION OF THE BOND AMOUNT. As elements of the Improvements (e.g., roads) are completed by Applicant and inspected by the City, the Bond Amount may be reduced upon Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested reduction shall be determined in the sole discretion of the City. No reduction shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of Improvements, even if verified by the City, shall not automatically entitle Applicant to a reduction of any part of the Bond Amount. Any reduction in the Bond Amount must be evidenced by a City Certificate of Completion of Public Works, and must be approved in writing by the City Attorney. Applicant may substitute the original Letter of Credit with new Letters of Credit reflecting the reduced Bond Amount.
REDUCTION OF THE BOND AMOUNT. As elements of the Improvements (e.g., roads) are completed by Applicant and inspected by the City, the Bond Amount may be reduced upon Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested reduction shall be determined in the sole discretion of the City. No reduction shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of Improvements, even if verified by the City, shall not automatically entitle Applicant to a reduction of any part of the Bond Amount. Any reduction in the Bond Amount must be evidenced by a City Certificate of Completion of Public Works, and must be approved in writing by the City Attorney.
REDUCTION OF THE BOND AMOUNT. As individual elements of the Improvements are completed by the Applicant and inspected by the City, a portion of the Bond Amount may be released to the Applicant upon the Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested release shall be determined in the sole discretion of the City. No release shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of the Improvements, even if verified by the City, shall not automatically entitle the Applicant to a release of any part of the Bond Amount. The release of any Bond Amount must be evidenced by a City Certificate of Completion, and must be approved in writing by the City Attorney.
