In the event the subdivider fails to complete any improvement work in accordance with the pro-visions of this title and the City has to complete the same, then the City shall call on the surety for reimbursement, or shall appropriate from any cash deposits or instruments of credit, funds for such reimbursement. When the amount of the faithful performance bond or instrument of credit filed in lieu of a faithful performance bond exceeds all costs and expenses incurred by the City in completing the work, the City shall release the remainder of such bond, cash deposit or instrument of deposit, if all performance obligations of the subdivider have been fulfilled and there are no claims pending against such performance security. If the amount of the faithful performance bond or cash deposit or instrument of deposit, if all performance obligations of the subdivider have been fulfilled and there are no claims pending against such performance security. If the amount of the faithful performance bond or cash deposit or instrument of credit is less than the costs and expenses incurred by the City in completing said work, then the subdivider shall be liable to the City for such difference.
(Ord. 2622 § 1, 1987; Ord. 3396 § 1, 1998)