(a) The Council may, by resolution, reimburse developers for any intersections, including curb, gutter and storm sewers, which the developer has constructed pursuant to subdivision rules and regulations or other requirements of the City.

(b) The Council, upon passage and approval of the resolution therefor, is authorized to reimburse the developer for the cost of each intersection so constructed, either on the basis of the developer’s actual cost or on the average amount of the successful competitive bids for construction of the same type intersections for the City during the preceding 12 months, whichever is lower. The cost of such reimbursement shall be paid out of the general obligation bonds. (Code 1981 § 41-122. Code 1995 § 134-170.)