If the Town elects to install a water/reclaimed water or sewer line or other water/reclaimed water or sewer system improvement, it shall be entitled to reimbursement of its cost plus interest at the rate of one percent (1%) per month or portion thereof from the benefiting property prior to the issuance of a building permit/water meter. The Town shall prepare a reimbursement agreement with itself as set forth in this chapter. [Prior code Art. 21-7.]