In lieu of a surety bond, the permittee may post a cash deposit with the City Finance Officer in an amount equal to the required bond. Notice of default as provided above shall be given to the principal, and if the default is not corrected within the time specified, the Director of Public Works shall proceed without delay and without further notice of proceedings whatsoever to use the cash deposit or any portion of such deposit to complete the required work. The balance, if any, of such cash deposit shall, upon completion of the work, be returned to the depositor or to his successors or assigns after deducting the cost of the work. (Ord. 1205 § 2, 1969; prior code § 27.402(6)).