The council shall provide by resolution the time and manner of doing the work of such improvement and may provide for the city to do the work, or it may award the work on contract. In the event that the work is done under contract, bids shall be received after advertisement for such time as the council may determine on all such work, the estimated cost of which is more than five hundred dollars ($500.00). The contract shall be let to the lowest responsible bidder, except that the council shall have the right to reject all bids when they are deemed unreasonable or unsatisfactory. The council shall provide for taking security by bond for the faithful performance of any contract let under its authority; and the provisions thereof, in case of default, shall be enforced by action in the name of the city. (Prior code § 2.010)