Should it not be desirable or possible to install all of the improvements required by this chapter 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 Director of Law, is given to the City under the terms of which bond or security the completion of such improvements shall be assured within the time fixed by Council, and the 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 or which may arise or grow out of the installation of such improvements when undertaken.
(1955 Code. §1103.23)