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The cost of all physical improvements required by the provisions of th~s section shall be paid by the subdivider. If the actual installation of improvements is not completed prior to the application made for final plat approval~ the subdivider shall execute and file with the City Clerk an agreement and bond in an amount equal to the estimated costs of such improvements, g~aranteeing that the required improvements will be properly and satisfactorily installed within a reasonable length of time; but, in no event, more than two years. An irrevocable letter of credit issued by a bank in a form approved by the city attorney or a deuasit of funds in escrow may be accepted in lieu of bond under the same terms and conditions applicable to bonds. The bond, letter of credit or deposit may be re- leased by the city when specific improvements covered by the bond have been completed and approved by the city engineer as being in accordance with city standards and specifications. In those instances in which any of the improvements as required by this section could be-more conveniently installed by the city or its agent, the city may, in its discretion, accept payment of the total cost of such improvements in lieu of actual construction or bond as required above. Such pay~ ment will be set ~forth in an agreement approved by the city attorney, which agreement will Set forth the conditions of -payment and a time limit upon the use of such paymen-t by the city, such time limit in no instance to exceed ten years. If such payment is not utilized by the city within the agreed time limit, itwill revert to the subdivider. No certificate of occupancy shall be issued for the occupancy of any structure or building to be located in such subdivision unless and until the. improvementsrequired herein which are directly necessary to the use and enjoyment of such structure have been installed and accepted by the city except ~hat final roadway surface need not be applied prior to issuance of suck certificate if a suitable base and in- terim sealing agent acceptable to the city have been laid. Section 32-22. Off-site drainage improvements. Whenever the subdivision or development of !andmay cause or contribute to the need for off-site drainage facilities (facilities other than those required to provide internal drainage within the subdivision or development) to control -19-