(a) The final plat to be placed on record shall be accompanied by a statement signed by the owner and subdivider, setting forth the following:
(1) Plans and specifications for such improvements previously approved by the City Manager and the City Engineer clearly describing the same; and
(2) Agreements executed by the owner and subdivider wherein they agree to make and install the improvements provided for in Chapter 1250, in accordance with the plans and specifications accompanying the final plat, and to permit such improvements to be inspected during the course of construction by an inspector appointed by Council, salaries and other costs in connection with such inspections to be paid by the owner and subdivider, such costs to be based on the reasonable, customary charges for such service.
(b) If Council, by motion, approves the action of the Planning Commission in approving the final plat, it shall in any case withhold its approval of the plat until an agreement signed by the subdivider, as provided in paragraph(a)(2) hereof, is given, supported by:
(1) A bond executed by an acceptable surety company in an amount equal to the full estimated cost of construction of the required improvements, which estimated cost shall be determined by the City Manager. The surety shall be subject to the condition that the improvements will be completed within a specified period agreed to by Council after approval of the final plat.
(2) A petition duly filed with the City Clerk for the installation of all improvements by the City at a 100 percent special assessment to the subdivider; and
(3) A deposit in the form of cash, or an irrevocable letter of credit or a certified check, in an amount equal to the full estimated cost of construction of the required improvements (which estimated cost shall be determined by the City Manager), to ensure that the installation of the required improvements is completed within the time specified in the agreement provided for in paragraph (a)(2) hereof, after approval of the plat. However, the City shall rebate to the subdivider, as the work progresses, amounts of such cash deposits equal to the ratio of the work completed to the entire project. The amount so deposited shall be retained in a separate bank account for each plat.
(c) As an alternate, the subdivider may, following approval of the final plat by Council conditional only upon completion of all improvements agreed to under paragraph (a)(2) hereof, proceed to install all improvements agreed to under the supervision of the City Manager with inspection as hereinbefore provided. Approval of the final plat shall, in this case, be conditional upon satisfactory completion of all improvements and the furnishing to the City of a valid performance bond which guarantees all improvements and provides for repair of any damage to these improvements for a period of three years following approval of the final plat.