A. The payback agreement shall include the following provisions:
1. The term of the agreement shall be 20 years.
2. The payback fee shall be based on the certified cost of the water or sewer line extension after deducting therefrom the developer's share of the costs and the costs of city participation, if any. The costs must be certified to the Community Services Director with paid receipts from the contractor installing the improvements.
3. Owners of lots abutting a water or sewer line extension that is the subject of a payback agreement and who desire to connect to the line extension shall pay the payback fee at the time of the issuance of the building permit or the system connection permit, whichever is earlier.
4. The developer who installed the line extension shall be paid all funds collected under the payback agreement.
5. The term of the agreement shall run from the date upon which the system extension was accepted by the city.
(Ord. 13-1096, § 15, passed 7-9-2013; Ord. 89-274, (part), passed - -1989)