A. Required: Prior to certification of final plat approval by the mayor, the subdivider shall have executed and filed an agreement between himself and the city providing that:
1. All required subdivision improvements will be completed within a specified period of time to the satisfaction of the city.
2. In the event that such improvements are not completed within the specified period, the city may, at their option, complete or cause to be completed such work and recover from the subdivider full cost and expenses therefor.
B. Additional Provisions: The aforesaid agreement may also provide for:
1. Construction of improvements in predetermined stages.
2. An extension of the construction period under certain specified conditions.
3. Progress payments to the subdivider from any deposit which the subdivider may have made or reduction in bonds, not exceeding ninety percent (90%) of the value of improvements completed and approved, as determined by the city engineer. (Prior Code § 18A-24)