All future payments of rebates, under existing contracts shall continue to be paid, according to the terms of the original ordinance and agreement with the developer, except as hereafter provided:
(A) The existing reimbursements due under existing contracts shall be paid from the Water and Sewer Fund, in annual payments, the last payment no later than ten years following the date of the execution of the contract, the first payment being due on March 1, following the first calendar year after the completion and acceptance of the streets and utilities by the city, and thereafter in succeeding installments, on each succeeding March 1;
(B) The annual amount shall be equal to and shall not exceed an amount equal to one-half of the taxes collected on the single-family residential properties for the prior year, in the developments, and abutting the streets constructed, and connected to the utility mains and services paid for and provided by the developer, unless a specific deviation from this method of calculation is approved by the City Council;
(C) No revenue from any lot or house shall be considered that has been included in any reimbursement to any developer, under this subchapter or any other similar ordinance;
(D) Should any lots within the area, development or subdivision be owned by the developer, on which ad valorem property taxes are due on the payment date, all such taxes shall be deducted from any proposed payment, to include penalties and applicable interest;
(E) No developer shall be paid an amount in excess of that he or she has paid to the city, for street construction within the development. Any amounts remaining unpaid at the end of a calendar year shall be carried forward to the next year, and paid in pro rata amounts for the succeeding years up to the limitation contained herein. No such deferred funds shall bear interest or penalty for untimely payment. If funds are due more than one developer, and surplus funds from current water and sewer revenue are not available, the funds shall be paid first in the order incurred, until each developer has been paid in full for the earliest year in question, and then for each succeeding year in the order incurred.
(F) No amounts shall be paid any developer, under this subchapter or any agreement made in reference to this subchapter, if there are any amounts due the city for maintenance of the streets or utilities, from the developer, and unless on an annual basis, the condition of the streets and utilities is inspected and approved by the City Engineer; and
(G) No payments shall be made under this subchapter or any other ordinance that violate the terms and conditions of Water and Sewer Improvement Bond issue, dated June 1, 1980.
(Ord. 20-81, passed 12-14-1981)