§ 17-85. Methods of payment; prepayment with discount; installment plan.

(a)

The property owner may pay all charges in full prior to time the installation work is commenced. Prepayment of expenses in advance under this section shall entitle the owner to a ten (10) percent discount of the total charge.

(b)

A single family residential real property owner may pay the charges under this article by sixty (60) monthly installment payments with interest at the rate of two (2) percent below the City's prime borrowing rate established by the Board of Public Works by December 1 of each year for the following calendar year. The interest at the commencement of the residential owner's sixty-month payment plan shall be constant throughout the sixty-month term. The installment payment under this section shall be added to the monthly sewer/water bill and paid in the same manner and under the same conditions as the monthly water service charges. However, a subsequent owner shall pay in a lump sum at the time of sale of the water and or sewer served real property any balance remaining on the previous owner's obligation for sewer and/or water main extensions under this section.

(c)

Notwithstanding the foregoing, an owner of vacant real property served by a sewer and/or water main installed by the City shall fully assume and pay the maximum construction charge assessable under this article upon construction of any improvement to the vacant land. If the land is in the City limits at commencement of construction, City rates shall apply. If the land is outside City limits at the commencement of construction, non-City rates shall apply. However, the Board of Public Works may make exceptions for an owner of real property outside the City who qualifies for annexation to the City under the requirements of state statute (IC 36-4-3-1 et seq.) and who has irrevocably petitioned for annexation contemporaneously with hook-up to municipal utility lines.

(Ord. No. 9330-02, § I; Ord. No. 10440-16 , § I, 6-27-16)