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i � <br /> CITY CODE <br /> CHAPTER 74 <br /> ADDITIONS AND <br /> 4. INSTALLMENTS. Any person who has a sewer available to his <br /> propertv or any person whose property is included in a sewer assessment <br /> district established after the effective date of the ordinance codified in this <br /> section, mav, in either case, enter into a written installment contract with the City ' <br /> on a form approved bv the Corporation Counsel and siqned for bv the City <br /> Director of Engineering & Infrastructure or his desianate. Such contract shall <br /> include or incorporate the leqal description of the propertv, be siqned bv the <br /> owner of the property and provide for the propertv owner to pav his connection <br /> charqe as specified in the contract over a term not to exceed (15) vears in annual <br /> installments or as mav be provided in the contract. Such contract shall provide <br /> for interest to be paid at a rate of the "Wall Street Journal Prime" on the date the <br /> contract is signed, plus one percent. Such interest shall be computed and <br /> compounded annuallv on the unpaid balance. The interest shall be the onlv <br /> compensation to the Citv for its administrative costs. Such contract shall be filed <br /> with the Citv Finance Director. Installments shall be paid as follows: lf,� <br /> +����hi�n �r� ho m•+rdo i fnr ini4inl coniino +n nn evic�*inr cinnlo_f�mil�i n�_h"i^- <br /> � ' <br /> (a) No ,4a initial payment is required to accompany+ag the application for <br /> connection. , <br /> �ec�� 4h�+n Q�nn nl�ic in4oroc� -++ 1(1 r�ornan4 nor nnn�im '+n 4ho rJeforrorl F��Innr_c�o I <br /> ,7 ,,.. ........ ,,,.,...,, i.,,.,.., ,....�..�.,. .... .., r...,....�... �..... .,....._... _.. _.._ __._..-- ----�--- -- I <br /> r ' <br /> (b) Epual, annual pavments over the term of the contract toqether with , <br /> interest on the unpaid balance computed and compounded annuallv with the first ' <br /> of the annual qavments due one vear from the date the contract is siqned and <br /> each successive pavment due one vear from the previous pavment until the full <br /> amount of the installment pavment contract is paid in full. The interest rate shall <br /> be that established using the method described in this section. T"o h�lnnno „f <br /> r�on� inr� 4ho ������T i4in�cn� �ni-I i+n i+r F�ofnro o��+h c��innoorlin? <br /> t <br /> (c) Upon the failure of anv installment to be timelv paid, the entire <br /> deferred balance qlus interest shall become immediatelv due and pavable. €ask� <br /> t�+llm + i ih �i 4 �n 4ho 4i•+1 nnvm��c �Il���nmm��niorl ..hu-4h <br /> H�`��anrrreR " S�u�r-tv-ti��H�lzrar--paTri� � .. ..� ..�.. <br /> r�•,p�m�} "r-vi mrc��� f���ear �in�c�'GY�.� QS ��� r�4o nf 'I!1 <br /> no r� <br />