Where the sewer system of the Borough is to be extended at the expense of the owner or owners of property, the property owner or owners shall have the right to construct the extension or install the facilities themselves, or through a subcontractor approved by the Borough, which approval shall not be unreasonably withheld, provided that the Borough shall have the right, at its sole option and discretion, to perform the construction itself only if the Borough provides the extension or customer facilities at a lower cost and within the same time table specified or proposed by the property owner or owners or his or their approved subcontractor. Construction by the property owner or owners shall be in accordance with an agreement for the extension of the Borough's system and plans and specifications approved by the Borough and shall be undertaken only pursuant to the existing ordinances, regulations, requirements, rules and standards of the Borough applicable to such construction and shall be further subject to inspection by an inspector authorized to approve such construction and employed by the Borough during construction. The property owner or owners may be required to deposit with the Borough, and in advance of construction, the Borough's estimated reasonable and necessary costs of reviewing plans, construction inspections, and administrative, legal and engineering services. The Borough shall require that construction shall not commence until the property owner has posted appropriate financial security and proof of comprehensive general liability insurance in an amount not less than $1,000,000, which shall include XCU coverage. The property owner shall reimburse the Borough for reasonable and necessary expenses incurred as a result of the extension. Upon completion of construction, the property owner or owners shall dedicate and the Borough shall accept the extension of the Borough's system, provided that the dedication of facilities and the installation comply with the plans, specifications and regulations of the Borough and the agreement.