2004-24 AMENDING CITY CODE - CHAPTER 74 - SEWER CONNECTIONS

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f 1 � � i ORDINANCE NO. 2004-24 ORDINANCE AMENDING CITY CODE CHAPTER 74 -SEWER CONNECTIONS - BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That Chapter 74 of the City Code of the City of Decatur, Illinois, be, and the same is hereby, amended and modified at Section 4, so that said Section 4, as amended, shall provide as follows: 4. INSTALLMENTS. Any person who has a sewer available to his property or any person whose property is included in a sewer assessment district established after the effective date of the ordinance codified in this section, may, in either case, enter into a written installment contract with the City on a form approved by the Corporation Counsel and signed for by the City Director of Engineering & Infrastructure or his designate. Such contract shall include or incorporate the legal description of the property, be signed by the owner of the property and provide for the property owner to pay his connection charge as specified in the contract over a term not to exceed (15) years in annual installments or as may be provided in the contract. Such contract shall provide for interest to be paid at a rate of the "Wall Street Journal Prime" on the date the contract is signed, plus one percent. Such interest shall be computed and compounded annually on the unpaid balance. The interest shall be the only compensation to the City for its administrative costs. Such contract shall be filed with the City Finance Director. Installments shall be paid as follows: (a) No initial payment is required to accompany the application for connection. (b) Equal, annual payments over the term of the contract together with interest on the unpaid balance computed and compounded annually with the first of the annual payments due one year from the date the contract is signed and each