In the event that the improvements required herein have not been completed at the time the final map is presented to the City Council for acceptance, such map shall not be accepted unless the subdivider, prior to or simultaneously with the presentation thereof, shall have complied with and performed the following requirements:
(A) The subdivider shall file with the City Clerk detailed plans and specifications bearing the approval of the City Council for all of the improvements not already completed, together with a detailed estimate made or approved by the City Manager of the cost of such improvements and an estimate of the time reasonably necessary to complete them;
(B) The subdivider shall enter into a contract with the City of Cheboygan to make, install and complete all the improvements and shall insure completion of the same by filing a cash bond, a faithful performance bond issued by a surety company acceptable to the city, in favor of the city or an irrevocable letter of credit from a bank located in the State of Michigan, in a sum equal to the estimated cost of the improvements.
(`73 Code, 17.063, § 5.277)