In lieu of any faithful performance bond required by this chapter, the subdivider may deposit with the city engineer, on behalf of the city council, one of the following: (1) a deposit, either with the city or a responsible escrow agent or trust company, selected by the city, of cash or negotiable bonds of the kind approved for securing deposits of public moneys, or (2) an irrevocable instrument of credit from one or more responsible financial institutions regulated by state or federal government and pledging that the funds are on deposit and guaranteed for payment on demand by the city. The forms of all documents relating to such security shall be subject to approval by the city attorney. (Ord. 617 §2 (Exh. A), 2011; Ord. 474, 2002).