All physical improvements required by the provisions of this title to be installed by the subdivider shall be installed at his expense and, pending the actual installation, the subdivider shall execute and file with the city, prior to final approval of the plat, an agreement and a 100 percent performance bond and a 100 percent payment bond, in an amount determined by the council equal to the approximate total costs of such improvements, in such form and with such surety as the city may approve, guaranteeing that the required improvements will be properly and satisfactorily installed within a reasonable length of time, as stipulated by the council, but in no event more than two years. In lieu of such bonds, the subdivider may place with the city, in escrow, such security as may be approved by the council.
(Code 1964 § 26-45; Code 1985 § 27-79; Ord. 2010-08)