A performance guarantee bond shall be required from the subdivider, the penalty of which said bond or bonds shall be at least equal to one and one-half (1.5) times the amount of the estimate of cost of the proposed improvements approved by the administrative officer. If individuals act as sureties, a certified check shall be deposited with the city clerk. Such personal bonds shall not be accepted for more than five hundred dollars ($500.00). If the surety is given by a surety company authorized to transact business in this state, the bond shall run to the city and be with good and sufficient surety satisfactory to the council, conditioned upon the installation of the required improvements within two (2) years after the approval of the final plat. Filing of the actual bond or other security shall be received at the time of submission of the final plat for approval. (Ord. 2013-20)