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<br />-1 <br /> <br />I <br /> <br />I <br /> <br />SECTION E. <br /> <br />1. The amounts of cost to be reimbursed as provided in <br />Section 0 hereof shall be regarded as principal, and interest <br />thereon shall accrue annually at the rate of three (3%) per cent <br />per annum, from the date of acceptance by the City of the work <br />for which reimbursement is to be made, on the unpaid balance of <br />such principal during the number of years for which payments are <br />to be made. If both sewer and water systems have been installed <br />by the subdivider and are accepted by the City, the City shall <br />pay to the subdivider on or before March 1st, of each year following <br />the completion of the construction work, a sum equal to seventy- <br />five (7~) per cent of the amount of income realized from sales <br />and service of water for usual, customary and normal domestic, <br />commercial and industrial uses to customers having a direct con- <br />nection to water and sewer lines within the subdivision during <br />~he preceding calend3~. until the full amount of such principal <br />due under any or all of Section D and G hereof, together with <br />accrued interest, have been paid, or until payments have been made <br />from the income so received for a period of twenty (20) years from <br />the date of completion and acceptance of the systems for which <br />reimbursements are to be made, whichever first occurs. Each pay- <br />ment shall be applied first to the payment of interest accrued, <br />and the remainder shall be applied to the payment of principal. <br />If a sewer system or water system only is installed by the subdivider <br />and transferred to the City, the City shall pay to the subdivider <br />on or before March 1st of each year following the completion of <br />construction work, a sum equal to forty (4~) per cent of the amount <br />of income realized from sales and service of water for usual, <br />customary and normal domestic commercial and industrial uses to <br />customers having a direct connection to the water lines within the <br />subdivision during the preceding calendar year, until the full <br />amount of such principal due under Sections D and E hereof, together <br /> <br />21 <br />