Sealed bids shall be received by the Village Board after advertisement not less than ten days prior to the date of the receiving of the bids and after receipt thereof, the applicant shall deposit with the Village Clerk the entire cost, based upon the lowest responsible bid; the cost to include the entire cost of the proposed extension, including pipes, valves, fittings, fire hydrants, all other material and all costs of engineering and inspection. Excepting that if the village should require the installation of a size of pipe larger than is found by the village engineering standard to be necessary for the subdivision, then the deposit shall be based upon the cost of installing the size determined to be necessary for the subdivision, with the village stating the additional cost for a larger line.
(1994 Code, § 38-6-4)