Title 07 Finance
Chapter 07.05 Local Improvements
Article II. Improvements at Substantial Risk
Section 07.05.028 Release of Security
The security guaranteeing administrative and engineering costs shall be released in full thirty days following passage of the ordinance ordering construction of the improvement. The security guaranteeing payment of assessments shall remain in effect until the assessments on property owned by the principal proponent(s) are paid in full, except that the chief financial officer may, in his discretion, allow a pro rata reduction or release of security upon conditions which reduce the risk of default.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1
