The owner or owners of the subdivision concurrently with the acceptance of the final map shall enter into an agreement with the city council, agreeing to have the work completed within the time specified in the agreement.
To assure that work specified in the aforementioned agreement shall be completed and that a system of monuments, stakes and bench marks shall be installed as required, a corporate surety fund shall be furnished by the subdivider guaranteeing the faithful performance of the work and payment of the improvements according to the plans and specifications in a sum equal to the cost as approved by the city engineer.
In lieu of the faithful performance bond, a deposit may be made either with the city or such responsible escrow agents or trust company as shall be approved by the city council and in such manner as shall be approved by the city council, or the deposit may be comprised of money or negotiable bonds in the same amount and manner as approved for securing deposits of public money in banks in which Federal funds may be deposited.
(Ord. 121 § 502, 1967).