§ 238-1. Reduction or cancellation procedure.

A. 

No performance bond filed with the Planning Board of the City of New Rochelle shall be reduced or canceled until 60 days after notice of a request for a reduction or cancellation has been filed with the Council of the City of New Rochelle.

B. 

Said notice for reduction or cancellation must be in writing and contain a full report as to the work which the said bond guaranteed, the location of the project, the reasons for the request for the cancellation or reduction and a recommendation from the proper City official that the work guaranteed by the bond has been successfully completed, or if not fully completed a detailed statement as to that portion of the work which remains to be done and the estimated cost of finishing the work which was guaranteed by the bond for which a reduction is requested.