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No new building permit shall be issued until all street and alley improvements are completed and accepted by the city engineer; provided, however, upon proper application to the building department, the city engineer may authorize issuance of a building permit upon delivery of a performance bond, cash deposit, or equivalent guarantee for one hundred twenty percent of the city engineer-approved estimated cost of the improvements to the public right-of-way, in order that such improvements could and would be installed at the expense of the building permit applicant or assigns upon the right-of-way within a reasonable time after notice so to do shall be given by the city. (Ord. 3774-20 § 6 (Exh. 4), 2020; Ord. 555-78 § 6, 1978.)