Reduction of escrowed funds and security. If the security
posted by the subdivider was a cash escrow, the amount of that escrow
shall be reduced upon actual acceptance of the dedication of public
improvements and then only to the ratio that the cost of the public
improvement for which dedication was accepted bears to the total cost
of public improvements for the subdivision. In no event shall a cash
escrow be reduced below 25% of the principal amount. Funds held in
the escrow account shall not be released to the subdivider, in whole
or in part, except upon express written instructions of the City Attorney.
At the end of the maintenance and warranty periods, all escrowed funds,
if any, shall be released to the subdivider. If the security provided
by the subdivider was a letter of credit or bond, the City Attorney
shall execute a release of the city's rights thereunder upon actual
acceptance of the dedication of public improvements and then only
to the ratio that the cost of the public improvement for which dedication
was accepted bears to the total cost of public improvements for the
subdivision. In no event shall the release be executed that would
reduce the security below 25% of its original amount.