15.08.162 Agreement—Contents.
The reimbursement agreement, shall be approved by council resolution, shall be executed by the city and the applicant for reimbursement, and shall contain the following information:
A. The method by which the applicant shall be reimbursed; that is, collection of fees for the benefit of applicant;
B. A statement as to the actual cost incurred for construction of the off-site water main;
C. A notation that the reimbursement shall be made by means of collection of a front footage charge from those properties connecting to the watermain installed by the applicant.
D. The payment schedule and term which shall be:
1. Payment once yearly without interest over a period of not more than ten years.
2. At the expiration of ten years, or earlier as established by the agreement, no further reimbursements shall be made to the applicant and all charges levied and collected thereafter shall belong to the city;
E. A statement noting that the applicant for reimbursement shall not be reimbursed for more than the cost of the off-site waterline; nor, shall he be reimbursed for any costs incurred within or attributable to his own property. Reimbursements shall not apply to on-site improvements to subdivisions or organized service districts. A subdivider may be entitled to reimbursement for off-site main extensions located outside the subdivision or tract. The director of engineering shall determine what are off-site water main extensions;
F. All water services shall be constructed at the sole cost of the applicant.
G. Such other reasonable terms and conditions as the city may from time to time require.
(Ord. 1873 NCS §3.)