Payment of connection fees, by an owner of an existing residential structure, may be deferred as follows:
A. Agreement For Deferral: The Public Works Department shall prepare an agreement for the deferral of the payment of fees;
B. Maximum Term: The term of the agreement shall not exceed fifteen (15) years;
C. Payments: Payments shall be made in equal installments on either a monthly, or quarterly basis, at the option of the applicant and as prescribed by the agreement;
D. Interest: Interest on the unpaid balance will be assessed at the Wall Street Journal's prime rate, as published on the date the agreement is signed; and
E. Recording Of Agreement: The agreement shall be recorded in the Office of the Ada County Recorder. (1952 Code § 8-11-08.03)