In order to promote the growth and economic development of the City and in recognition of the unique impact of restaurants upon the City sewer system, the payment of connection fees for restaurants may be deferred as follows:
   A.   Application: The owner or operator of the restaurant property shall submit an application provided by the Public Works Department;
   B.   Agreement For Deferral: Upon receipt and verification of the application, the department shall prepare an agreement for the deferral of the payment of connection fees (the option to defer fees will not be extended to owners or operators, including partners within limited liability companies or corporations, who have defaulted on previous restaurant deferrals, whose payments on previous deferrals were past due on 3 or more occasions or who have outstanding sanitary sewer or solid waste utility billings with the City);
   C.   Maximum Term: The term of the agreement shall not exceed ten (10) years;
   D.   Assurances: The owner or operator shall post an irrevocable letter of credit, Certificate of Deposit, payment bond or other financial assurances 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 may 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; and
   F.   Recording Of Agreement: The agreement shall be recorded in the Office of the Ada County Recorder. (1952 Code § 8-11-08.02)