Prior to the approval and issuance of a permit, there shall be executed by the operator and submitted to the city administrator an agreement to construct such required improvements, to dedicate such property or easements, if any, to the city and to comply with such conditions as may have been established by the city council. Such agreement shall be accompanied by bond with surety or condition acceptable to the city administrator in the amount of the established costs of complying with the agreement. The aforesaid agreement bond or letter of credit shall be provided for guaranteeing completion and compliance with the conditions set forth in the permit within the time to be approved by the city council. The adequacy, conditions and acceptability of any bond or letter of credit hereunder shall be determined by the city administrator. The adequacy of the bond or letter of credit shall be reviewed annually by the city. The city may direct the amount of the bond or letter of credit be increased to reflect inflation or changed conditions. (Ord. 375, sec. 1, 5-1-1989)