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All streets constructed pursuant to the requirements of this chapter shall be constructed in accordance with the provisions of a contract between the person responsible for constructing the street and the city, providing at least:

A. Terms and conditions satisfactory to the city, including design and construction standards;

B. Requiring a permit to be issued before commencement of construction; and

C. In the discretion of the director of public works, appropriate security may be required covering construction performance and guaranteeing the construction after completion for a period of one year. [Ord. 9234 § 1, 1983; Ord. 8792 § 1, 1979].