(A) The subdivider shall deposit cash, or other instrument readily convertible into cash at face value, either with the city or in escrow with a bank. The use of any instrument other than cash, and in the case of an escrow account, the bank with which the funds are to be deposited shall be subject to the approval of the City Council. The amount of the deposit shall be at least equal to the cost, as estimated by the subdivider and approved by the City Engineer, of installing all required improvements.
(B) In the case of an escrow account, the subdivider shall file with the City Council an agreement between the financial bank and himself or herself guaranteeing the following:
(1) The funds of the escrow account shall be held in trust until released by the City Council and may not be used or pledged by the subdivider as security in any other matter during that period; and
(2) In the case of a failure on the part of the subdivider to complete the improvements, then the bank shall immediately make the funds in the account available to the city for use in the completion of those improvements.
(Prior Code, § 11.4)