(A) There is hereby established a system development fee for all new sewer construction by the City of Dry Ridge as calculated by the following formulas:
Extension of Service (interceptors, pump stations, mains, and the like)
System Development Fee = Project Costs divided by Projected ERU’s times users
(B) Qualified users are allowed to pay this fee in monthly installments for up to 60 months with project interest based upon the then current bond interest schedule. This system development fee shall be calculated by the Mayor and/or his or her designee and the City Clerk/Treasurer. The calculations and information sheet shall be provided to the qualified user by the Mayor and or City Clerk/Treasurer.
(Ord. 716-2007, passed 8-23-07)