(1) A surety bond executed by a surety company authorized to transact business in the State of Oregon, in a form approved by the City Attorney, in an amount equal to 110 percent of the construction cost of the required improvements as verified by the City Engineer.

(2) A deposit with the City or, at the option of the City, a verified deposit with a responsible escrow agent or trust company, of case or negotiable bonds in an amount equal to 110 percent of the construction costs of the required improvements, together with an agreement that the deposit may be disbursed only upon approval by the City Administrator. The agreement shall include a provision that the City allow release of the deposit in such amounts and at such times as a corresponding portion of the required improvements are completed to the satisfaction of the City Engineer, following inspection by the Director or the Director's designee.

(3) An agreement between the City, developer and one or more financial or lending institutions pledging that funds equal to 110 percent of the construction cost of all required improvements are available to the developer and are guaranteed for payment of the improvements. An irrevocable letter of credit is acceptable.