Upon acceptance by the City of an application made as herein provided, a contract shall be made and entered into between the City and the applicant, in writing, to be executed on behalf of the City by the Mayor, upon approval as to form by the City Attorney, and to be executed and acknowledged by the applicant, which contract shall fully state the agreement of the parties relative to the special improvements to be made, and in event that there shall be a financing of expense by the City, the contract shall set out a schedule of deferred payments to be made, with interest from completion of the work, for which special assessments shall be levied against the property to be benefitted; and the contract shall be recorded in the office of the County Clerk and Recorder. (1985 Code, § 15.06.030)