§42-117.
Improvement Guarantee Instrument
A.   Amount of Guarantee.  The improvement guarantee shall be in the amount of 125
percent of the cost to 
       
       complete the work as determined by cost estimates.
B.   Guarantee. The applicant shall guarantee the installation of such improvements in an amount equal to 
       the improvement guarantee cost to complete the work as determined by cost estimates amount by   
       either of the methods described below.
(1) Filing a performance or surety bond or an irrevocable standby letter of credit.
(2) Depositing a certified check or cash.
C.   Release of Funds. Portions of the improvement guarantee may be release as work progresses, provided 
       the following: 
(1) The applicant submits a new cost estimate as described in the §42-117.A (Amount of  
      Guarantee) detailing the work that has been complete and the work that is remaining.  The          
      amount remaining under the improvement guarantee shall meet or exceed the cost of the 
      remaining improvements. 
(2) Funds shall not be released if the property is in violation of any laws until the violations are 
      remedied to the satisfaction of the charging party.
(3) At total of not more than four (4) requests for release of funds shall be allowed. The first 
      request for release is eligible when twenty-five (25) percent of the work is completed.  The 
     second and third request for release is eligible when fifty (50) percent and seventy-five (75) 
     percent of the work is completed. The fourth and final release is eligible upon completion of all
     required improvements listed in the improvement guarantee. The release of funds must include 
     a professional Engineer’s statement certifying the work has been satisfactorily completed.