(A) The sewer connection fee shall be in an amount equal to the single-family equivalent for each type of use sited on the area of contiguous property within the benefitted district under common ownership which can be lawfully served through such proposed connection, multiplied by the single- family equivalent connection fee established in the connection fee ordinance for that benefitted district.
(B) The connection fee ordinance may provide for a graduated connection fee, with annual interest adjustments, such that property owners who connect in later years pay interest on the connection fee for their property.
(C) The rate of interest applicable to the connection fee established in each benefited district shall not exceed the rate of interest applicable to special assessments pursuant to Iowa Code Ch. 74A and § 384.60(3) in effect on the date that the connection fee was established for that district by enactment of a connection fee ordinance.
(2011 Code, § 24.1000.6)