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• ��� � ,. <br /> INPUT FROM OTHER SOURCES: John Couter, City Corporation Counsel <br /> Beth Couter,Finance Director <br /> STAFF REFERENCE: Steve Swanson, Director of Engineering & Infrastructure, at <br /> 424-2747; or at spswanson@decaturnet.org. <br /> The Director of Engineering & Infrastructure, Steve Swanson, will be in attendance at the City <br /> Council meeting to answer questions of the Council on this matter. <br /> BUDGET/TIME IMPLICATIONS: <br /> There are no immediate budgetary impacts to the City. The repayment of sewer connection charges <br /> to the City will be extended over a longer period of time which is not expected to have an adverse <br /> long or short term impact to the City budget. <br /> cc: John Smith, Assistant City Manager of Public Services <br /> Beth Couter, Finance Director <br /> Matt Newell, City Engineer <br /> Summary of Proposed Revisions to Chapter 74, Sewer Connections <br /> Chapter 74,Section 4 <br /> Installment Payment Plan Current Requirement Proposed Requirement <br /> Eligibility Existing single-family or two-family All properties in the City are <br /> residence. eligible. <br /> Repayment term 6 years Up to 15 years at the owners <br /> option. <br /> Interest rate 10 percent Wall Street Journal Prime Rate <br /> plus 1%. (Current contract rate <br /> would be 5% based on the prime <br /> rate being 4%.) <br /> Required down payment Greater of 25% of connection No down payment required at time <br /> charge or$500 due at the time of of application. <br /> application. <br /> Periodic payment frequency 6 equal, annual payments Equal, annual payments over the <br /> beginning on or before January 15 term of the contract beginning 1 <br /> following the initial payment at the year after the date of application <br /> time of application and then each and then each subsequent year on <br /> subsequent year on or before or before the anniversary date of <br /> January 15. the contract. <br /> Prepayment of contract. No penalty. No penalty. <br /> Penalty for failure to make timely Entire deferred balance plus Entire deferred balance plus <br /> payment of any installment interest shall be due and payable. interest shall be due and payable. <br /> Transfer or sale of property Not specifically addressed. Contract may be paid off in full or <br /> transferred to the new owner. <br /> Page 2 <br />