A. The standard participation contract shall provide that before the property receives sewer service, the property owner must pay to the city, in addition to any trunkage, connection and permit fee or charge which may be due, an amount of money which shall constitute a charge in lieu of assessment and which may be determined as near as may be by the use of the assessment formula used in the utility local improvement district whose sewer lines will be tapped to serve the property subject to the contract, or if there is no such utility local improvement district, then by any fair means at the discretion of the city council. The charge in lieu of assessment must be paid in full before connection to the public sewers of the city is permitted, but if the city council approves, and if the property owner prepays at least ten percent thereof, the balance of the charge in lieu of assessment may be paid in equal annual installments, plus interest at eight and one-half percent annually on the unpaid balance, payable in not more than five years, or sooner, and that unpaid balance plus interest shall become and remain a lien against the property prior to any other charges whatsoever, except taxes.

B. Instead of the charge in lieu of assessment, the city may accept from the property owner a sewer pipeline of sufficient value installed in an easement or public right-of-way, or some other performance reflecting value approximating the share in lieu of assessment. (Ord. 947-04 § 2).