The governing authority of the city shall, upon the completion of any contract awarded as provided for herein, provide for the final inspection of the work performed thereunder and the improvements made, and, if the work is found to have been completed satisfactorily in accordance with said contract, as evidenced by a certificate of the project engineer, the governing authority shall by ordinance duly adopted approve and accept the work and fulfill its obligations under the contract after compliance with laws relative to the completion of contracts involving public works by full payment therefor of any and all amounts and balances due the said contractor, including all retained percentages of payments previously made thereon on engineer’s estimates and which percentages were retained pending completion of the work.

Acts 1992, No. 472, §1.