(a) Water distribution mains or local collector sewers in developed areas where numerous property owners are involved shall be installed and paid for under one (1) of the following payment plans:
(1) Deferred annexation. Property owners must organize and make their own arrangements to construct, operate and pay for required facilities subject to all the terms and conditions set out in this division, including section 18-36(a)(2)a; and dedication of facilities to city without cost and in first class condition upon such annexation completion.
(2) Presently inside city limits or immediate annexation. Installation and payment shall be by one (1) of two (2) methods;
a. All benefited property owners shall pay into an escrow fund an amount equal to their proportionate share of the total estimated cost of the installation of water or sanitary sewers prior to the beginning of construction. The basis of prorating the costs shall be determined by mutual agreement between the city and the property owners on the front foot, land value or other such mutually acceptable basis. When the entire amount has been paid into the escrow fund, the city shall then cause the construction to be accomplished under its usual and customary procedures for public works construction. At the completion of construction when actual costs are known, the escrow account shall be adjusted either up or down, whichever may apply, with each property owner paying to or receiving from the fund his appropriate share to properly adjust said fund to the actual coat of the work.
b. Installation by the city on an assessment basis under applicable chapter of KRS.
(b) Method a. above will require the concurrence of all property owners within the area proposed to be benefited, whereas method b. can be undertaken in accordance with KRS.
(Code 1977, § 11.080; Ord. No. 1289, § 1, 5-12-81; Ord. No. 1317, § 1(4), 6-28-83)