When a street improvement project is approved, the property owners abutting the improvement shall be notified of the total estimated cost per foot of frontage and further notified that each owner has the opportunity to pay his proportionate share in cash in advance. In addition, the property owners shall be notified that the property will not be scheduled or construction work started until 100% of the cost to the property owners has been deposited with the town; or, in the event the town should deem that the project will enhance the normal growth of the town, or is necessary for the best interest of the town, and the town has the means of borrowing or otherwise obtaining sufficient funds, then upon the deposit of 50% or more of the amount due by the property owners, the town will borrow or otherwise make available the difference between 50% or more as deposited and the 100% as required before construction shall be started, and begin the construc- tion work prior to the deposit of 100% by the property owners.
('71 Code, § 13-83)