To assure that the improvement work will be completed and the survey requirements will be met, as specified in said agreement, said subdivider shall post with the city a good and sufficient bond as follows:
(A) Two good and sufficient corporate surety bonds shall be provided, one in the amount of 100% for faithful performance, and one in the amount of 50% for payment of material and labor, based on the City Engineer's estimate of the costs of all required improvements, the costs in connection with the inspection thereof, the costs to provide the necessary field engineering therefor, the costs of setting all required monuments and ties, and the costs of furnishing such calculations, notes and other survey data.
(B) Such bond shall be subject to review and approval by the City Engineer and the City Attorney before acceptance.
(C) In lieu of the bond required in this section, the subdivider may deposit with a responsible trust company or escrow agent, duly licensed under the laws of the state, subject to approval by the Council, a sum of money or negotiable bonds of the kind approved by provisions of law for securing deposits of public money in banks in an amount not less than said City Engineer's estimate of the costs, or may provide an instrument of credit from one or more financial institutions subject to regulation be the state or federal government pledging that the funds necessary to carry out the act or agreement are on deposit and guarantee for payment, or a letter of credit issued by such financial institution.
(`83 Code, § 16.32.020) (Ord. 82-19 § 1 (part), 1982)