(A) Prior to connection to a publicly funded sewer, the property owner shall either pay the sewer connection assessment in full or enter into an agreement with the City to pay the assessment plus interest in two hundred forty (240) equal monthly payments. The rate of interest shall be established by resolution of the City Council.
(B) The interest rate so established shall be equivalent to the average interest rate paid on local improvement district bonds. The agreement shall provide for early debt retirement without penalty and for termination of sewer service for nonpayment of the monthly payments when due.