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ORDINANCE NO. 2009-002 of any distinct and separate phase or portion of the required improvements. The amount of any given reduction shall not exceed eighty (80) percent of the cost of the completed work, as determined by the public works director following review of a cost estimate for said work prepared and certified by the developer's engineer. A reduction in construction security shall not be construed as acceptance of the improvement. Formal acceptance shall occur as provided elsewhere in this chapter, and only upon establishment of proper maintenance security, where required. (C) There shall be no reduction in the amount of security posted for residential subdivisions FeGeiving final plat appreval after September 20, 2005 except for sidewalk improvements as provided in section 913.09(5)(b)2c. (5) Security for municipalities. If the applicant is required to construct a public system which will be accepted by a municipality, the applicant shall furnish the municipality such security as the municipality may require, including security for both performance and maintenance of the system. Furthermore, prior to final plat approval, the applicant shall furnish to the planning department, evidence from the municipality that its requirements have been satisfied. (Ord. No. 90-16, § 1, 9-11-90; 3-15-05; Ord. No. 2005-012, 2006-023, § 21 8-22-06; Ord. 08) SECTION 3. Ord. No. 96-6, § 4, 2-27-96; Ord, No. 2005-007, §§ 3, 4, 3 31 4-19-05; Ord. No. 2005-032, § 11 9-6-05; Ord. No. Jo. 2007-014, § 1, 6-5-07; Ord. No. 2008-009, § 1, 4 -29 - Section 914.08, time limitations on site plan approval, is amended to read as follows: Section 914.08. Time limitations on-site plan approval. (1) Commencement of construction. (a) All site plan approvals shall terminate and become null and void automatically without notice if construction has not commenced within t��el��,-oe-(;L) twenty-four (24) months from the date of approval. (b) For the purposes of this paragraph, construction will have commenced when the developer has built a portion of a structure shown on the plan (e.g. the pouring of footers), or has made substantial improvements to the Coding: Words/letters underscored in bold are additions to text; words/letters in stFikethrouo format are deletions to text.