If, in the opinion of the city engineer, the nature of the work regulated by this chapter is such that if left incomplete will create a hazard to human life or endanger adjoining property or property at a higher or lower level, or any street or street improvement, or any other public property, the applicant shall provide security for the performance of the work described and delineated on the approved grading plan, interim plan, and final plan in an amount to be set by the city engineer. The form of security shall be one or a combination of the following to be determined by the city engineer:
(a) A bond or bonds issued by one or more duly authorized corporate sureties. The form of the bond or bonds shall be subject to the approval of the city attorney;
(b) The deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of money, negotiable bonds of the kind approved for securing deposits of public monies, or other instrument of credit from one or more financial institutions subject to regulation by the state or federal government wherein said financial institution pledges that funds are and will remain on deposit and guaranteed for payment;
(c) Cash in U.S. currency.
(Ord. 4564 § 1 (part), 1999)