Request; inspection report. When all of the required improvements have been completed, the obligor shall notify the governing body and reviewing board in writing, by certified or registered mail addressed in care of the Municipal Clerk and reviewing board administrative officer, of the completion of said improvements and shall send a copy thereof to the Municipal Engineer and reviewing board engineer. Thereupon the Municipal Engineer shall inspect all of the municipal improvements and shall file a detailed report, in writing, with the governing body, and thereupon the reviewing board engineer shall inspect all of the on-tract improvements and shall file a detailed report, in writing, to the reviewing board, which shall cause this report to be submitted to the governing body. Said reports shall indicate either approval, partial approval or rejection of the improvements with a statement of reasons for any rejection. If partial approval is indicated, the cost of the improvements rejected shall be set forth. The governing body shall either approve, partially approve or reject the improvements by resolution on the basis of the reports of the Municipal Engineer and reviewing board engineer. Said resolution shall contain a statement of the reasons for such approval or rejection.