The person, firm or corporation required to make such extension of water line shall submit a map locating the extended line and the city shall determine the properties benefitted by the extension by designating the same on the map submitted. The cost to be reimbursed to the person, firm or corporation extending said line shall be limited to the actual cost of construction, in addition to the cost of permits, engineering and legal expenses. In no event shall the items of expense for permits, engineering and legal exceed 25% of the actual cost of construction. The city shall add to the items of cost an amount equal to 5% of the total cost of construction including permits, engineering and legal expenses, which percentage shall be computed annually on the anniversary date of the agreement on the then unreimbursed balance of the cost of construction, which percentage shall be an appropriate return on investment to the person, firm or corporation making said extension. The city shall retain an amount equal to 10% of the total reimbursable cost for the cost of administration of the agreement by the city, which 10% shall be deducted from pro rata payments by applicants for service as such pro rata payments are made.
(Prior Code, § 3.10.020) (Ord. 179, passed 10-2-1989; Ord. 202, passed 1-6-1992)