(B) If an application is approved by the Town Council the owner or owners shall be required to pay 100% of the total cost of all extensions. Provided, the town may participate to the extent agreed upon by the Town Council in the cost of larger size mains that are in excess of the size mains required to serve the project, or the minimum size line required and approved by Council. No reimbursement shall be made upon annexation. All water and sewer lines connected to the town system and located outside the corporate limits shall become the property of the town at the time such facilities are connected. All right-of-way acquisitions and land costs are to be paid in full by applicant with title vested in the town.
(C) Prior to the beginning of any constitutions, the owner or owners shall deposit with the town funds in an amount equal to 100% of the total estimated cost of such extensions. Upon receipt of such funds a written contract shall be entered into by and between the town and the property owner or owners in accordance with the requirements of this subchapter. Such contract shall provide that in the event the funds deposited exceed the amount of the total extension cost when completed, then that portion in excess of the total cost will be refunded to the owner or owners without interest. Such contract shall also provide that if the amount deposited is less than the total cost, when completed, the owner or owners shall immediately pay such additional amount to the town.
(Ord., passed 9-9-85)