Ord 1985-120 - Laserfiche WebLink

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payment or reimbursement for each water meter installed and to assist in funding City water and wastewater utility inspections within the District. Of connection fees collected by the City within the Service Plan area but outside of any district, Two Hundred Dollars ($200.00) shall be reimbursed to the Developer for amounts paid by Developer pursuant to Section E(l) of this Article. The amounts paid to Developer for reimbursement for the Developer financed portion of the City's pro rata share of capacity in the Regional facilities shall be limited to those amounts actually contributed by Developer for engineering, construction and interest costs on the City's pro rata share of capacity. Interest shall accrue on each amount paid by Developer from the date of payment until such amount is reimbursed by the City. Interest shall be computed as the lesser of Developer's actual interest cost on such amounts or one (1) percent above the average annual "prime rate" charged by the three largest banks (based on deposits) in Austin, Texas. Payments by the City to the Developer shall be applied first to accrued interest and then to a reduction of principal. The City shall reimburse Developer in full, for all amounts as described herein, on or before the fifth anniversary of the date of the posting of the letter of credit referred to in Paragraph E(1)(i) above. The City may reimburse Developer amounts in addition to those set out above at any time. G. The District shall establish rules and regulations concerning water conservation by the District's customers. Such rules and regulations shall equal or exceed the minimum corresponding policies and criteria as established by the City and as amended from time to time. ARTICLE IV OWNERSHIP, OPERATION AND MAINTENANCE A. The District, City and Developer acknowledge and agree that, to achieve economies of scale and the most efficient -11-