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• <br /> release shall be for an amount less than ten percent (10%) <br /> of the total improvement security given for faithful perform- <br /> ance of the act or work and that the security shall not be <br /> reduced to an amount less than seventy-five percent (75%) <br /> of the total improvement security given for faithful <br /> performance until final completion and acceptance of the <br /> act or work. In no event shall the Director of Public Works <br /> authorize a release of the improvement security which would <br /> reduce such security to an amount below that required to <br /> guarantee the completion of the act or work and any other <br /> obligation imposed by this chapter, the Subdivision Map Act , <br /> or an improvement agreement for a project. <br /> " (b) Security given to secure payment to the contractor , <br /> his subcontractors and to persons furnishing labor , materials <br /> or equipment, may, six months after the completion and accept- <br /> ance of the act or work, be reduced to an amount equal to <br /> the amount of all claims therefor filed and of which notice <br /> has been given to the City, plus an amount reasonably determined <br /> by the Council upon recommendation of the Director of Public <br /> Works to be required to assure the performance of any other <br /> obligations secured thereby. The balance of the security <br /> shall be released by the Council upon recommendation of the <br /> Director of Public Works , and upon the settlement of all <br /> such claims and obligations for which the security was given . <br /> " (c) Security given to guarantee work for a time period <br /> shall be released only upon the expiration of that time <br /> period. <br />