If the district approves an extension to the system, the district shall contract with owners of real estate located within the district boundaries, at an owner's request, for the purpose of permitting extensions to the district's system to be constructed by such owner at such owner's sole cost where such extensions are required as a prerequisite to further property development. The contract shall contain such conditions as the district may require pursuant to the district's adopted policies and standards. The district shall request comprehensive plan approval for such extension, if required, and connection of the extension to the district system is conditioned upon:
(1) Construction of such extension according to plans and specifications approved by the district;
(2) Inspection and approval of such extension by the district;
(3) Transfer to the district of such extension without cost to the district upon acceptance by the district of such extension;
(4) Payment of all required connection charges to the district;
(5) Full compliance with the owner's obligations under such contract and with the district's rules and regulations;
(6) Provision of sufficient security to the district to ensure completion of the extension and other performance under the contract;
(7) Payment by the owner to the district of all of the district's costs associated with such extension including, but not limited to, the district's engineering, legal, and administrative costs; and
(8) Verification and approval of all contracts and costs related to such extension.