Unless the sewer system improvement is to be financed by creation of a special assessment district, the property owner shall provide an irrevocable letter of credit or pay to the Sewer Department that portion of the costs of the improvement not to be paid by the Village, as estimated by the Village's Consulting Engineer. The Village will then proceed with the necessary engineering, advertising for bids, awarding construction contracts and constructing said improvement. When all actual costs of construction of the improvement are known, if the cost is in excess of the funds deposited, the property owner shall pay the excess to the Village, or, if less than the funds advanced, the Village shall return the surplus to the property owner. The Village shall be authorized to require security from the property owner sufficient in type and amount to insure complete construction without unanticipated expense to the Village. In cases where the improvement is to be financed by creation of a special assessment district, the Village Council may impose such conditions as it deems necessary to insure reimbursement to it of engineering and other costs advanced.
(Ord. 135. Passed 5-10-00.)