The cost of construction of each such water line shall be assessed upon all owners of land abutting upon that portion of any street or highway in which said water line is constructed. Said assessment shall be imposed as of the 31st day of December next following the installation of said water lines, mains, connections and works have been installed and shall be formulated to repay to the town the actual costs of construction of said water line and works, including design, permitting, debt service and costs on any issuance of bonds or notes issued to finance the same, or such portion thereof as the town shall deem appropriate, over a period not to exceed 20 years, (or the repayment term of any bonds or notes utilized to finance same, whichever may be greater).
(Ord. passed 7-21-03)