(a) The amount of protection to be paid to any developer or individual who finances improvements shall be as follows:
(1) Where the developer or individual must extend improvements past the property of abutting or adjacent owners opposite such developer's or individual's property, each abutting owner shall reimburse the developer or individual who finances the project in an amount equal to one-half of the cost of the improvement.
(2) Where the developer or individual must extend improvements past the property of abutting or adjacent owners on both sides of the improvement, each abutting owner shall reimburse the developer or the individual who finances the project in an amount equal to one-third of the cost of the improvement.
(b) The amounts paid to the developer or individual shall be based on a front foot benefit basis and upon the amounts set forth in the performance bond approved by and filed with the City. The cost shall include the cost of all pipe, manholes, valves, fire hydrants and other appurtenances.
(c) No service shall he connected to the property of any person not participating in the cost of the improvement, and no benefit shall be allowed until such time as that abutting owner pays his or her prescribed share of the cost of the improvements.
(d) This method of financing water and sewer utility extensions shall apply only to those extensions having an approved performance bond on file with the City prior to December 31, 1969.
(Ord. 1712. Passed 12-16-69.)