The subdivider shall furnish the City a separate bond issued by a duly authorized corporate surety, or a cash deposit, in an amount equal to the estimated cost of the final survey and setting of monuments required herein. Upon payment to the engineer or the surveyor for setting the final monuments, the subdivider shall present to the City Council evidence of such payment and receipt thereof signed by the engineer or the surveyor, together with a request that his bond be released, or that the cash deposit be returned. The bond shall be released or said cash deposit shall be returned to the depositor at the earliest possible date.