(1) Performance bonds and delay agreements, as approved by the City Attorney’s Office and required by City ordinances, are hereby approved and adopted by the City Council for each development that receives the proper approvals and permits as required by such ordinances. A copy of the performance bond and delay agreement forms shall be filed with the City Council by the City Manager each time they are amended.

(2) The manual or facsimile signature of the Mayor is hereby authorized on such performance bonds and delay agreements without the necessity of each one being brought to the Council, except that no such performance bond or delay agreement shall be valid until it has been countersigned manually by the City Manager and attested to by the City Recorder.

(3) The time for completion of the improvements under the bonds may be extended by the City Manager, as provided in the applicable provisions governing the bonds.