A. Tentative Approval; Construction Of Improvements; Permits: Upon tentative approval, which shall be effective for a period of two (2) years, unless extended by the city council, the developer may proceed to install all required improvements and, for this purpose, may secure from the appropriate authorities the necessary permits; provided, however, that the developer, at his option and immediately following tentative approval of the preliminary plat, may request approval of the final plat.
B. Bond Or Other Security: In the event approval of the final plat is requested prior to installation of improvements, the developer shall post with the city council a corporate surety bond or such other security as may be acceptable to the city council, in an amount sufficient to cover the cost of installing all required improvements as estimated by the officials having jurisdiction, to assure the satisfactory construction and performance of said improvements at the time and terms fixed by the city council and in accordance with this title. (1991 Code § 16-2-16-4)