(A) Prior to the beginning of any construction, the property owner shall advance to the town funds in an amount equal to the total estimated cost of the proposed extension.
(B) Upon receipt of such funds, a written contract shall be entered into by and between the town and the property owner under which the town shall use such funds upon the following terms and conditions:
(1) The funds shall be deposited in a special account of the town for which a separate accounting will be made.
(2) At the time construction of the extension is completed and the total cost thereof is determined, if the amount deposited exceeds the total cost, that portion in excess of the amount deposited will be refunded to the owner without interest. If the amount deposited is less than the total cost, the owner shall pay such additional amount to the town, and this condition shall be a part of the written contract.
(Ord., passed 7-28-83)
Cross-reference:
Financing extensions outside town limits, see § 50.112