Upon letter of advice by the Borough Engineer or other properly designated official that the sewer mains have been completed in accordance with the standards herein set forth in a satisfactory way, the Mayor and Borough Council shall acquire by dedication the improvement with all of its component parts or so much the same as it deems best for the benefit of the inhabitants of the Borough of Allentown, in the following manner and on the following basis: The owner or owners shall give a bill of sale to the Borough, transferring title absolutely to the Borough of Allentown, or transfer of ownership may be accomplished by incorporation in a deed conveying a street to the Borough.