All applications for extending water and/or sewer services within the corporate limits of the town shall be financed as follows:
(A) When an application is received requesting the extension of water service to serve property within the corporate limits which is developed or has been previously approved as a subdivision, or where streets have previously been dedicated and accepted by the municipality and where the area is not part of a new subdivision which has not been approved by the municipality, the developer or other person designated by the Town Board shall estimate the cost of the project and present the application for the extension, the estimated cost and other required information to the Town Board for approval. If the application is approved by the Town Board and subject to the availability of funds, the town shall exercise general supervision over the letting of the construction contracts to assure the securing of free competition. The contracts shall be let under statutory procurement regulations for public bodies;
(B) When an approved water and/or sewer line extension project has been completed and the total cost thereof has been determined, a percentage of the total cost of the water extension may be assessed against the property owners whose property abuts upon the extension at an equal rate per front foot in accordance with and under the authority granted to the municipality by G.S. Ch. 160A, Art. 10. The remaining percentage of the total cost of the extension shall be borne by the municipality from funds appropriated for this purpose;
(C) Any property owner shall have the opportunity to pay his/her proportionate share of the cost of the extension after the assessment roll is confirmed rather than paying his/her share in equal annual installments with interest as required by the statute.
(OC, § 5-3-5) (Am. Ord. passed 8-11-88)