In the event the subdivider elects to defer construction of the improvements required under Article
X until after approval of the final plat, a bond shall be required of the subdivider, the amount and specifications of which shall be approved by Zoning Administrator, securing to the City the actual construction and installation of such improvements within a period of two years from the date of recording the plat and in accordance with standard specifications of the City of Walhalla. Such bond shall be in cash or be made by a surety company authorized to do business in the State of South Carolina, and shall be made payable to and enforceable by the City of Walhalla, South Carolina. Such bond must equal at least 125% of the cost of the required improvements. The surety shall not be released from said bond except by written release from the City Council.