No plat shall be approved by the village board of trustees until streets designated thereon, which shall be not less than sixty feet (60') in width, shall be graded, graveled and hard surfaced to a width of eighteen feet (18'). Such graveling, which shall be and consist of all crushed road gravel not to exceed one inch (1") in size, shall be no less than eight inches (8") in depth and approved by the superintendent of streets; such hard surface shall be and consist of a surface treated with coats of oil consisting of one prime coat and one seal coat, to be then covered with pea gravel and rolled. Prior to the approval of any plat, the owner may, with the consent of the village board of trustees, furnish satisfactory bond for the grading, graveling and hard surfacing of said streets, and such grading, graveling and hard surfacing shall be completed before any permits are issued for any new construction on the property. (1976 Code § 95.046)