Any person, firm or corporation desiring to have a plan of lots or addition to the City approved prior to the acceptance of the streets and alleys within the plan of lots or addition shall conform to the following requirements:
(a) Dedicate the streets and alleys within the plan of lots or addition to the City for public use.
(b) Enter into a contract with the City whereby the person, firm or corporation shall agree to bring the streets and alleys to comply with City specifications. The time in which the work is to be completed shall be fixed by Council.
(c) If Council so desires, post a bond conditioned and guaranteeing that the work shall be done according to the terms of the contract. The amount of the bond shall be fixed by Council.
(d) When any person, firm or corporation has complied with the requirements of this section, Council may approve the plan of lots or addition to the City by motion. Such approval shall in no way be deemed an acceptance of the streets and alleys within the plan of lots or addition for maintenance.