(a) The Planning Commission may approve a plat for a subdivision in which the improvements and installations have not been completed as required if the applicant provides a bond which shall:
(1) Run to the City;
(2) Be in an amount determined by the Commission to be sufficient to complete the improvements and installations;
(3) Be with surety satisfactory to the Planning Commission;
(4) Specify the time for the completion of the improvements and installations.
(b) If the applicant fails to complete the improvements and installations, the City may carry out such improvements and installations.
(Passed 3-20-79.)