If any improvement or utility is not completed or installed and duly accepted for dedication within the time period specified in the performance agreement or bond, either by reason of incompletion or by reason of substandard construction, the council may, at its option:

    (1)    Declare any bond or other approved surety device to be forfeited, pursue legal and equitable action to obtain necessary funds from the sureties, and cause satisfactory completion and installation of all improvements and utilities previously required;

    (2)    Declare an applicable improvements guarantee agreement to be breached and pursue legal and equitable action to cause satisfactory completion and installation of the improvements and utilities;

    (3)    The council may extend the time limit set for satisfactory completion of the improvements and utilities for up to five (5) years upon the request of the subdivider and showing of a reasonable necessity for such extension. In the event that an extension of the time limit is granted, the council may require further assurances for completion in the form of a performance bond or other acceptable surety device;

    (4)    Pursue any legal or equitable action necessary to ensure satisfactory completion of the improvements or utilities.

(Code 1964, § 19.563(2); Ord. No. 10099, § 1, 3-5-84)