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Prior to the beginning of any construction, the owner shall deposit with the town funds in an amount equal to the total estimated cost of such extension. Upon receipt of such funds a written contract shall be entered into by and between the town and the property owner in accordance with the requirements of this chapter. The contract shall provide that in the event the amount of the total funds deposited exceeds the amount of the extension cost when completed, that portion in excess of the total cost shall be refunded to the owner without interest. The contract shall also provide that if the amount deposited is less than the total cost, the owner shall pay the additional amount to the town.
(Ord., passed 7-28-83)