Any person located outside the municipal limits who desires to be supplied with water services from the municipal water system and is willing to pay in advance the whole expense of extending the water system to his property, including the cost of extending any water main beyond its present location, may make application to the city council by petition containing:
(1) A description of the proposed extension;
(2) A map showing the location thereof;
(3) An offer to pay the whole expense incurred by the city in providing such extension and to advance such expense as shall be verified by the water superintendent. The city council and the person or persons seeking such extension may enter into an agreement providing in detail the terms under which the extension may be utilized by others in the future and the terms under which all or any portion of the cost of installing such extension may be refunded;
(4) An acknowledgment that the city, in granting the petition, need supply only such water to the petitioner which from time to time the city council deems beyond the requirements of water users within the municipal limits, and that such extension shall be the property of and subject to the control of the city. (Prior Code § 14-152)