(B) (1) If an application is approved by the Board of Commissioners, the owner or owners of property affected by said project shall be required to pay 100% of the total cost of all extensions; provided, however, the town may participate to an extent agreed upon by the Board of Commissioners in the cost of larger size mains that are in excess of the size mains required to serve the project.
(2) No reimbursement shall be made upon annexation of any affected property and all water and sewer lines connected to the town system and located outside the corporate limits shall become the property of the town at such time such facilities are connected.
(C) Prior to any construction, the owner or owners of affected property shall deposit with the town such funds as are equal to 100% of the total estimated cost of such extensions. In the event the funds deposited exceed the amount of the total extension costs when completed, that portion in excess of the total cost will be refunded to the owner or owners without interest by the town in proportion to the amount paid by each owner. In the event that the amount deposited is less than the total cost when completed, the owner or owners shall pay such additional amount to the town.
(D) In the event the property for which application has been made for water or sewer service is contiguous to the corporate limits and the owner or owners of such property agree to annexation and, in the event such property is annexed to the town, extensions may be made to such property and the cost thereof financed in accordance with the requirements of divisions (A) and (B) above, whichever is applicable.
(E) Upon such conditions as the Board of Commissioners deem appropriate within five years of deposit, the town may refund pro rata to the property owner or owners advancing funds, pursuant to this section, a sum equal to the difference between the tapping fees inside and outside of town for each tap made on said water and sewer lines or both involved in the project, not to exceed the full amount of advanced funds less the amount that would have been assessed against the property had it been inside of the town.
(2003 Code, § 25-404) Penalty, see § 50.99