In order to promote the growth and economic development of the City, the payment of connection fees for commercial properties (other than restaurants) may be deferred as follows:
   A.   Application: The owner or operator of the property shall submit an application provided by the Public Works Department;
   B.   Agreement: Upon receipt and verification of the application, the department shall prepare an agreement for the deferral of payment of the connection fees;
   C.   Maximum Term: The term of the agreement shall not exceed two (2) years;
   D.   Assurances: The owner or operator shall post an irrevocable letter of credit, Certificate of Deposit, payment bond, security bond or other acceptable assurances, as may be approved by the City Attorney's Office, for the sum of the connection fees and interest to be charged on the unpaid balance;
   E.   Payments; Interest: Payments shall be made in equal installments on a monthly or quarterly basis, at the option of the applicant and as prescribed by the agreement. Interest shall be assessed at the Wall Street Journal's prime rate as published on the date the agreement is signed, plus three percent (3%);
   F.   Recording Of Agreement: The agreement will be recorded in the Office of the Ada County Recorder; and
   G.   Default: In the event the property owner or authorized representative defaults on the terms of the agreement prior to final payment, sewer connection fee credits will be granted to the property under the following conditions:
      1.   The total credit given will be based on the principal payments received, plus amounts collected from a letter of credit, bond or other assurance used to secure the agreement, less any costs incurred by the City in collecting the remaining balance owed on the agreement; and
      2.   The credit will be recorded with the property as a single- family dwelling equivalent based on rates in effect at the time the agreement was executed;
   H.   Existing Structure: In the event the property is an existing structure at the time of sewer connection, and additional connection (equivalent assessment) fees are imposed pursuant to subsection 10-2-6-3C of this chapter, the owner may incorporate the commercial trunk and treatment connection fees into an agreement as set forth in section 10-2-8-5 of this chapter. (1952 Code § 8-11-08.010)