Upon the failure of a subdivider to complete an improvement within the time specified in an agreement, the city council may, upon notice in writing of not less than ten days served upon the person, firm or corporation signing the contract or upon notice in writing of not less than twenty days served by certified mail, addressed to the last known address of the person, firm, or corporation signing the contract, determine that the improvement work or any part thereof is incompleted and may cause to be forfeited to the city the portion of the sum of money or bonds given for the faithful performance of the work or may cash savings and loan certificates of shares deposited and assigned to assure the faithful performance of the work to complete the improvement work.
(Ord. 374 § 2 (part), 1974)