Prior to the construction of any improvements within a plat, the subdivider/owner/developer shall enter into a contract for development for the new subdivision which contains satisfactory assurance that he or she will provide the necessary improvements as approved by the City Council and in compliance with all sections of this chapter. The owner or subdivider, if privately financing the project, shall deposit with the city an amount agreed to in the development agreement, either in cash, a letter of credit, or an indemnity bond, with sureties satisfactory to the city, conditioned upon the payment of all expenses incurred by the city for engineering and legal fees and other expense in connection with the making of such improvement.
(Prior Code, § 534.050)