The subdivider shall provide a guarantee that the improvements will be satisfactorily completed. The guarantee shall have a value equal to the projected costs of completing the improvements, as stated in Section 17.32.040 of this chapter. The guarantee shall specify procedures for the city council to obtain funds, should the subdivider fail to satisfactorily complete the improvements. The types of guarantees acceptable to the city council are described in Section 17.32.100 of this chapter. The method of guarantee shall be subject to approval of the city council. (Ord. 588 § 1(part), 1996)