The Council shall provide, by resolution, the time and manner of doing the work of the improvement and may provide for the city to do the work or may award the work on contract. In the event that the work is done under contract, all contracts shall be let in accordance with the Canby and State of Oregon Public Contracting Rules. The contract shall be let to the lowest responsible bidder, provided that the Council shall have the right to reject any and all bids when they are deemed unreasonable or unsatisfactory. The Council shall provide for taking security by bond for the faithful performance of any contract let under its authority, and the provisions thereof in case of default shall be enforced by action in the name of the city.