The subdivider may post a performance bond in an amount equal to 100 percent of the cost for the required improvements. The performance bond shall be released upon installation of the required improvements as approved by the council. If the improvements are not completed within one year or are not constructed or installed to the satisfaction of the council, the performance bond shall be forfeited and used by the council to complete the installation of the improvements. When the subdivider does install and construct the improvements, the costs shall be assessed against each lot in the subdivision. [Code 1975 § 6-6.0302.]