The Council may require that all public improvements described on the approved preliminary plat for a major subdivision be installed and dedicated prior to approval of the final plat. If the Council does not require such installation, the Council shall require the subdivider to post a performance bond, escrow or other evidence of financial responsibility equal to one hundred percent (100%) of the cost of the installation of the improvements, in a form acceptable to the City, guaranteeing that improvements not completed shall be completed within a period of one (1) year from the date of approval of such final plat. If the improvements are not completed within the specified time, the Council may use the bond, escrow or other approved financial instrument or any necessary portion thereof to complete the same. The City shall return or release the instrument of financial responsibility when all of the required improvements have been installed and approved and accepted by the City Engineer. (Ord. 15-3, 6-2-2015)