The issuing authority may require the posting of a surety bond in a form approved by the City Attorney, when in the judgment of the issuing authority, the project provides potential for environmental damage. The bond shall be in such form and amount as is necessary to assure that the work, if not completed in accordance with the approved plans and specifications, will be corrected. In lieu of a surety bond, with the approval of the issuing authority, the applicant may file a cash bond or instrument of credit that has been approved by the City Attorney in an amount equal to that which would be required in the surety bond.