On all water lines extended for industrial use outside the Municipality, it shall be the policy of Council that the rights of way shall be furnished and the entire cost of the laying of the line outside of the Municipality shall be paid for by the recipient of the water and the rights of way so acquired and the line when so established shall be turned over to and become the sole property of the Municipality and shall be thenceforth operated and maintained by the Municipality.
The builder of such water line shall be reimbursed a portion of the cost and expense of the line in accordance with the following schedule:
(a) Eighty percent of the cost if the property being served by the line is annexed to the Municipality within two years of the date of completion.
(b) Sixty percent of the cost if the property being served by the line is annexed to the Municipality within three years of the date of completion.
(c) Forty percent of the cost if the property being served by the line is annexed to the Municipality within four years of the date of completion.
(d) Twenty percent of the cost if the property being served by the line is annexed to the Municipality within five years of the date of completion.
(Ord. 253-5. Passed 6-2-69.)