Any person desiring to construct, build or repair any street, sidewalk, curb, gutter or other public improvement in the Municipality shall, before commencing such work, enter into a performance agreement with the Municipality and furnish a performance bond as guarantee or security for the purpose of ensuring the installation of such improvement. The bond may be either surety, cash or irrevocable bank letter of credit acceptable to the City Manager, and shall be payable to the Municipality. (Ord. 76-22. Passed 8-16-76.)