A. Any agreement providing for reimbursement of developer’s/owner’s system improvements shall be for a maximum payback period of ten (10) years after the date of the reimbursement agreement. At the end of the payback period, all benefits or rights accruing to the developer/owner shall terminate.

B. Upon receipt of the administrative charge defined below and execution of the reimbursement agreement, the Town shall record with the Yavapai County Recorder, as to each affected property, a notice of payback, setting forth the terms of this agreement. Once the payback charges have been collected, the Town will record with the Yavapai County Recorder a release of the original notice of payback.

C. The Town shall establish a trust account for the collection of line payback charges and payment of reimbursements. Sums collected shall be paid in accordance with the terms of the agreement annually by the Town. No interest shall be paid on such sums.

D. The Town’s cost for administration shall be paid by the developer or owner to the Town prior to the execution of the reimbursement agreement. This administrative charge shall be five percent (5%) of the incurred costs by the developer/owner for the lines from which persons other than the developer/owner will be served; however, the administration fee shall not be less than five hundred dollars ($500.00). [Prior code § 21-2-3.]