Upon acceptance of the improvements and before the final payment of the contract price, the governing body shall require the contractor performing the work to make and execute a good and sufficient surety bond, or deposit sufficient securities or obligations of the United States of America or of the State of Oklahoma or some municipal subdivision thereof, to be approved by the governing body in the sum as determined by the governing body, but in no case to be less than ten percent (10%) of the contract price. The bond shall be conditioned for the immediate reimbursement to the municipality by the contractor for the maintenance of the improvements against any failure due to defective workmanship or materials for a period of three (3) years from the time of its completion and acceptance. Whenever any repairs of the improvements due to defective workmanship or materials are deemed necessary by the governing body, they shall order the same to be made under the supervision of the municipal engineer and the costs thereof certified to by the engineer. When such repairs have been approved by the governing body, the contractor and his bondsmen shall be notified of the amount expended and shall immediately become liable therefor.