In the event that the developer defaults or fails or neglects to satisfactorily install the required improvements within one year from the date of approval of the development by the City Council, the City Council may declare the bond or other assurance forfeited and the City may install or cause the required improvements to be installed using the proceeds from the collection of the bond or other assurance to defray the expense thereof. (Prior code § 24-3(B)(3)(a)(3))