(1) For the purpose of carrying the provisions of this section and section 31-35-301 into effect, the owners of four blocks or more situated in any city or town in this state owning its own municipal water plant which has not been supplied with water mains shall present a petition to the governing body, offering therein to construct such water mains and pipes in the streets and alleys of said city or town in such manner and at such places and of such sizes as the said governing body may require and at a cost to said city or town as low as the same could be constructed by said city or town. (2) Upon receipt of such petition, the governing body shall prepare plans and specifications for the supplying of said territory with water mains and pipes, and the petitioners, upon the inspection of said plans and specifications, shall state their willingness to construct the same at a certain price to be paid for out of the revenues derived from water running through said pipes in said district, the same to be charged at no higher rate than the remainder of said city or town is paying. If such proposition is satisfactory to the governing body, it has the right to enter into a contract with said petitioners upon behalf of said city or town for the construction of such water mains and pipes according to said plans and specifications and for the price agreed upon, not more than that specified, and within a time to be set by said governing body. (3) Upon the completion of said works by said petitioners, the city or town shall inspect and, if satisfactory, accept the same and issue certificates of indebtedness therefor stating therein how the same is to be paid out of the proceeds from such water rentals collected from the territory in which said extensions are made, unless otherwise sooner arranged for by said city or town, and proceed to operate and maintain the same and collect the revenues therefrom and to apply the same to the payment of the indebtedness created for the construction of said pipes without interest until the same is paid for or until said city or town makes payment therefor in some other manner. Said rentals shall be paid upon said certificates from time to time when the amount of one hundred dollars is received from said rentals for that purpose, and said rentals shall be set apart and kept as a separate fund and used for the purposes provided in this subsection (3) only until the entire indebtedness is paid.
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