In lieu of the surety bond required in Section 19.76.030, the owner of the premises where the building or structure is to be located may deposit cash in the amount of the surety bond, and conditioned as required in the case of a surety bond, with the City, or in a trust account of a federally insured bank, savings and loan association or a credit union, payable to the City in the event of nonperformance. Such trust account agreement must be approved as to form by the City Attorney. (Ord. 6590-NS § 1)