Upon approval of the final plat, the improvements required by PMC 16.16.130 shall be made as follows: The subdivider, upon approval of the final plat, shall enter into a contract with the city whereby the subdivider, in consideration of the acceptance by the city of the streets and easements offered for dedication, contracts to furnish the necessary equipment, material and work to complete the improvements within such time as the city may specify. To assure the city that the work will be completed, a bond shall be furnished guaranteeing the faithful performance of the work in a sum equal to the estimated cost. This bond may be furnished by a qualified surety company, except in cases where a cash deposit is required by the council. Nothing in this section shall prevent a subdivider from contracting with third parties for the actual performance of the work. (Ord. 152 § 1, 1971; 1978 code § 15.106.14)