One hundred percent of the cost of future installations of water
mains and accessories shall be borne by the property owners directly
benefiting from such installations.
The Board of Trustees reserves the right to elect the method
of payment for such installations and accessories by such benefiting
property owners under one of the two following alternative methods:
A.
The benefiting property owners shall pay for the entire cost of such
installations prior to the commencement of the work to be done.
B.
The installations may be financed through bond issues of the Village
with repayment to be made to the Village through separate assessment
to cover the total cost of the installations plus interest over the
bond amortization period, which shall not be longer than the period
of probable usefulness as defined in the Local Finance Law, plus the
cost of any and all expenses incurred by the Village in connection
with the bond issue.
All installations shall be made according to Village specifications
and under the supervision of the Village Engineer.
In the event of installations on cross streets where a corner
lot is involved, the owner shall pay on a footage basis for the original
installation, and, if a second installation is made on the second
street, such owner shall not be charged up to the first 150 feet of
the second installation.
The entire cost of the installations shall be apportioned among
the benefiting property owners by taking into consideration the number
of feet frontage of property serviced by said water lines and the
assessed valuation of the properties fronting said streets wherein
said lines are to be installed, each to be considered equally and
to be charged with 1/2 of the total amount necessary and to be assessed
accordingly and in said proportion among the property owners benefiting
from said installations.
In the case of installations in any street located partly within
and partly without the Village, the entire cost shall be borne by
the property located within the Village.
