The subdivider shall also file with the agreement mentioned in Section 16.16.150, to assure his or her full and faithful performance thereof, a bond for such sum as is by the city engineer deemed sufficient to cover the cost of the improvements, engineering, inspection, and incidental expenses, and to cover replacement and repair of existing streets and other improvements damaged in the development of the subdivision. Such bond shall be executed by a surety company authorized to transact a surety business in the state of California and may be satisfactory to and be approved by the City Attorney as to form, by the city engineer as to sufficiency. In lieu of the bond, the subdivider may deposit with the City Treasurer cash money in an amount as deemed sufficient by the city engineer. (Ord. 89 § 4.7 (part), 1955).