Security given to secure payment to the contractor, their subcontractors and to persons furnishing labor, materials or equipment may, six months after the completion and acceptance of the improvements by the City Council, be reduced to an amount equal to the amount of all claims therefor filed and of which notice has been given to the City Council. The balance of the security shall be released upon the settlement of all such claims and obligations for which the security was given. (Ord. 5793-NS § 2 (part), 1987)