(A) The maximum amount of any reimbursement shall be identified in the agreement and shall not exceed 100% of the total certified construction cost of the extension, plus accumulated interest. Interest to be compounded yearly and calculated based on the interest rate of U.S. Government Treasure Bills dated January 1 of each year following the date of acceptance of the line extension. The interest rate for the last months of a reimbursement period, if short of a full year, shall be at the interest rate as of January 1 of that year.
(B) The reimbursement cost shall be calculated using the reimbursement charge and multiplying it by the appropriate interest for each one-year period or portion of one-year period. Interest begins at the date of acceptance of the line and ends at the date of connection to that line by adding the calculated interest to be calculated in the succeeding year’s period to the reimbursement charge amount before that period’s interest is calculated. The reimbursement cost will then be the sum of the reimbursement charge and each of the period’s interest amounts.
(Prior Code, § 16-1-6) (Ord. 91-02, passed - -1991; Ord. 91-04, passed - -1991; Res. 91-09, passed - -1991; Ord. 92-04, passed - -1992; Res. 92-04, passed - -1992; Res. 94-22, passed - -1994; Ord. 00-04, passed - -2000; Ord. 10-01, passed - -2010)