As used in this chapter:
(a) "Debt service drainage facilities" means drainage facilities and related improvements installed at the expense of, or at the direction of, the Township.
(b) "District project" means the land area to be potentially benefitted by debt service drainage facilities, which areas shall be established by the Township Board upon recommendation by the Township Engineer and the Superintendent of the Department of Public Works.
(c) "District project costs" means the costs for debt service drainage facilities, within the district project area, established as actual construction costs by the Township Board, upon recommendation of the Township Engineer, which shall include construction, legal, engineering and, if applicable, bonding costs, plus five percent of the aforementioned costs for administrative expenses and an interest cost, calculated upon the unpaid balance annually for debt service drainage facilities within the district project, of eight percent per annum compounded annually, calculated from the date of project completion, as certified by the Township Engineer.
(d) "Net benefitted acreage" means the total acreage within the district project, less areas credited for the previous payment of the installation of facilities by property owners or their designees, such credits to be calculated proportional to the remaining facilities benefitting the property, or credits for areas of property which are served by other nondebt service drainage facilities. The Township Engineer shall calculate the proportionate areas of property served by nondebt service drainage facilities based upon the anticipated property outflow and drainage facilities involved. Where a property owner or his or her designee has paid in whole or in part for the installation of drainage facilities, the credit in no situation shall exceed what otherwise would have been the debt service charge. The credit shall be determined by calculating the costs paid by the property owner or his or her designee in proportion to the total system costs factored against the property owner's property area in proportion to the total project area.
(Ord. 297. Passed 10-18-93.)