Whenever this title authorizes or requires the furnishing of security in connection with the performance of any act or agreement, such security shall be one of the following at the option of and subject to the approval of the City Council:
(A) Bond or bonds by one or more duly authorized corporate sureties;
(B) A deposit, either with the city or a responsible escrow agent or trust company, at the option of the City Council, of money or negotiable bonds of the kind approved for securing deposits of public monies;
(C) An instrument of credit from one or more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment; and
(D) A lien upon the property to be divided, created by contract between the owner and the city, if the City Council finds that it would not be in the public interest to require the installation of the required improvement sooner than two years after the recordation of the map.
(Ord. 295, passed 2-4-1986)