All extensions of water or sewer mains constructed inside the corporate limits shall be financed by the individual, developer or corporation under a written contract between the town and the person requesting the extension, and the contract shall be approved by the Board of Alderpersons. However, the town may, based on availability of funds, participate in the cost of extending water and sewer mains to the site of the proposed or existing development; provided that, no sum of funds allocated may exceed the total conservative estimate of revenues for a period of eight fiscal years that the town may receive from the development when completed, or exceed 75% of the actual cost of extending water and sewer mains to the site of the development.
(Prior Code, § 15-25) (Ord. passed 11-3-1986)