The city’s principal planning and building official, or his or her authorized representative, shall not issue a certificate of occupancy for any structure or building, as described in § 15.48020(A), until a written offer of dedication of property, as required by § 15.48.020(E) has been delivered to the city and until the required public improvements have been completed to the satisfaction of the city’s principal planning and building official, or his or her designated representative, or in lieu of completion of the public improvements, they have been guaranteed by a faithful performance bond, instrument of credit or lien agreement or other security which has been filed with the City Clerk and approved as to duration, amount, form and any other requirement thereof by the City Engineer. As guidance to the City Engineer in the exercise of his or her discretion as to the duration and amount of the security, it is directed that, unless extraordinary circumstances exist, the duration for construction of the improvements after issuance of an occupancy permit shall not be longer than 60 days and that the amount shall be such to cover any possible increase in the cost of installing such improvements due to the continuing inflation thereof under current national and local economic conditions. In the event a permittee does not commence and complete the improvements within the period required by the City Engineer, or construct them to the satisfaction of City Engineer, the city shall have the right to forthwith commence and/or complete the improvements and be reimbursed for the cost thereof from the improvement security.
(`78 Code, § 15.48.040.)