A.
Extension of street mains within the limits of the corporation may be initiated by the Board of Trustees or by petition from abutting property owners. No petition for the extension of a street main will be granted until the street has been legally opened and the street surface has been graded to the grade established and the street duly accepted by the Board of Trustees.
B.
The Board of Trustees reserves the right to refuse all petitions for extensions of mains where the estimated water rents will not warrant the cost of installation, but special arrangements may be made in some instances by the applicant agreeing to pay a fixed sum per annum until such time as the water rents from such extension amount to the sums so paid annually.