A.
Before final acceptance of any final plat located within the corporate limits of the City of Lodi, the subdivider shall be required to enter into a contract with the City agreeing to install all required improvements. The subdivider shall file with said contract, subject to the approval of the City Attorney, a bond, certificate of deposit, irrevocable letter of credit, certified check, or other security in an amount equal to the estimate of the cost prepared by the City Engineer as a guarantee that such improvements will be completed by the subdivider or contractors not later than 18 months from the date of recording of the plat.
B.
In those cases where the Common Council determines it is the interest of the City to install improvements by City contract and at such time as the City may designate, the subdivider shall petition the City for water, sanitary sewer main and laterals, curb and gutter, sidewalk and street improvements. The cost of such improvements shall be paid by assessments to the benefited properties. When improvements are partially installed by City contract in lieu of the preceding subsection, the subdivider shall provide a contract and bond for all other required improvements. The subdivider shall remain personally responsible for payment for improvements, even if those improvements are installed by the City.