11-7-4: GUARANTEE:
   A.   Performance Bond, Deposit; Letter Of Credit:
      1.   Performance Bond: The performance of any agreement to make improvements or a form of assessment district in a land development shall be secured by a surety issued by a surety company authorized to do a general surety business in the state of Nevada, in a form approved by the city attorney and in a penal sum of one hundred fifty percent (150%) to the established cost of complete required improvements computed by an engineer.
      2.   Cash Deposit; Letter Of Credit: In lieu of such surety, the developer shall submit a cash deposit, letter of credit, time certificate, bond, etc., in like amount, as security for performance of such agreement.
   B.   Assessment District Proceedings: In lieu of the agreement to make the improvements required by the city council, the developer shall submit an agreement to initiate and consummate proceedings under an appropriate special assessment act or acts for the formation of a special assessment district including the development or a part thereof for the financing and construction of the improvements required. Any such agreement shall incorporate, also, the requirements and procedures contained in the resolution establishing procedures for the acquisition of public improvements by assessment district proceedings and any revision thereof adopted by the city council. The agreement to consummate assessment district proceedings shall provide for the acceptance of the work as it progresses and partial withdrawal of any deposit made in money or bond to secure the faithful performance of the agreement upon approval of the city manager. (1973 Code § 16.24.040)