Should it not be desirable or possible to install the improvements required by these regulations prior to the submission of the plat to Council for approval, then such plat may nevertheless be approved, provided a suitable surety bond or other security, acceptable to Council and approved by the
City
Solicitor as to legality, is given to the
City
, under the terms of which bond or security the completion of such improvements are assured within the time fixed by Council; and such bond or security shall further indemnify the
City
from any and all liability arising by reason of the unimproved conditions of the streets of such subdivision prior to improvement, or which may arise or grow out of the installation of such improvements when undertaken.
(1978 Coded Sec. 1240.03)