Any deferral of improvements pursuant to this chapter shall be conditioned on the filing with the director of a future improvement secured by one of the following at the sole discretion of the public works director:
A. A bond or bonds by one or more duly authorized corporate sureties in a form approved by the city attorney;
B. A deposit, either with the city or with a responsible escrow agent or trust company selected by the city, of cash or negotiable instruments of the kind approved for securing deposits of public money;
C. An irrevocable letter of credit from one or more responsible financial institutions regulated by the federal or state government, pledging that the funds are guaranteed for payment on demand by the city, in a form approved by the city attorney and from a financial institution approved by the city manager. (Ord. 2578 § 1, 2004)