No building permit for the construction or erection of a new building or structure shall be issued unless:
(a) Street improvements on the street servicing the lot for which the permit is sought comply with current specifications of the Village and standard drawings on file in the office of the Village Engineer, and
(b) Sanitary sewers are available for such building or structure. Each application for a permit for the construction or erection of a new building or structure shall be accompanied by a certificate of the Engineer stating that such street improvements comply with such standards, and that adequate sanitary sewers are available for such building or structure. If such street improvements do not comply with such standards, or such sewers are not available, the applicant may furnish a performance agreement and a performance bond in a proper amount to assure the complete installation of such improvements or sewers.
(c) This section shall apply only to new plats or replats for areas in which there is not now an existing street. Areas of the Village new serviced with an existing street need comply only with Village requirements existing prior to April 1, 1972.