No final plat of any subdivision shall be approved unless:
A. The improvements listed shove have been made and installed in a satisfactory manner and approved by the city council prior to such final plat approval;
B. The subdivider agrees with the city that the city may construct those improvements listed in Sections 16.24.030 and 16.24.040 of this chapter and assess the cost thereof against the property benefitted;
C. The subdivider shall enter into a contract with the city to insure completion of the improvements listed in Sections 16.24.030 and 16.24.040 by the subdivider within one year. The performance of said contract shall be secured by the subdivider filing with the city a performance surety bond in an amount equal to one and one-quarter times the cost of making such improvements and for a period specified by the city, as estimated by the city, conditioned upon the payment of all construction costs incurred in making such improvements by the subdivider and all expense incurred by the city for engineering and legal fees and other expense in connection with the making of such improvements in order to insure the construction of the improvements in a satisfactory manner. (Ord. 433 (part), 1995)