(A) The form of security shall be one or the combination of the following at the option and subject to the approval of the city:
(1) Bond or bonds by one or more duly authorized corporate sureties.
(2) A deposit, either with the local agency or a responsible escrow agent or trust company, at the option of the city, or money or negotiable bonds of the kind approved for securing deposits of public monies.
(3) An instrument of credit or a set aside letter 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.
(B) The provisions of the bond or bonds shall be in accordance with § 66499.1 and 66499.2 of the State Subdivision Map Act.
('61 Code, § 10-2.708.2) (Ord. 252 C.S., passed 8-3-81)