In lieu of actual completion of such improvements the subdivider may elect one of the following alternatives:
(a) Deposit a cash sum with the City for the improvements required by these Subdivision Regulations, the estimate of this sum to be approved by the City Engineer for areas within the City and unincorporated areas with whose owners negotiations are being made for annexation to the City and for water and sewer extensions beyond the corporate limits of the City.
(b) Enter into a contract with the City whereby the owner, subdivider or developer promises to provide or pay for all improvements required by these Subdivision Regulations and posts a surety bond in an amount of ten percent (10%) of the estimated cost of the improvement to guarantee the completion of the work.
(Ord. 1966-45. Passed 5-12-66.)