The agreement to install minimum improvements mentioned in Section 15.04.040 shall be in substance as follows:
"AGREEMENT TO INSTALL STREET IMPROVEMENTS
"In consideration of the issuance to the undersigned of a building permit for the construction, alteration or repair of a building upon the premises situated in the City of Signal Hill described as:
the undersigned hereby agrees with the City of Signal Hill that he will within 30 days after the completion of such construction, and in any event not later than 3 months from the date said building permit is issued to him, install concrete curb and gutter, sidewalk, street and alley paving, street lighting, driveway approaches, drainage structure and street trees in each street upon which parcel fronts between the following points:
"The undersigned further agrees to construct said improvements in accordance with engineering standards established by the City Engineer.
"As security for the performance of this agreement, the undersigned herewith delivers to the City Engineer a cash deposit, surety bond or irrevocable letter of credit in the amount of $ upon the condition that if the undersigned installs said improvements in accordance with this agreement, the City of Signal Hill will refund said moneys to him when the installation of said improvements is completed, and that if said improvements are not so installed, said City may proceed to itself cause said improvements to be installed and shall retain the deposit as its compensation therefor. In the event the City shall install said improvements, the undersigned agrees to pay the City upon demand any part of the cost thereof which is not covered by said deposit."
(Ord. 73-11-712 § 2 (part): prior code § 12.08.080)