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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> (c) After the closing of the public hearing, the <br /> City Council shall determine if there shall be a pro- <br /> rata extension. If the Council so approves a pro-rata <br /> extension, the City Manager is authorized to proceed <br /> with the project and to execute a pro-rata contract <br /> with sponsor upon completion of the project providing <br /> for refund of pro -rata charges collected under Sub - <br /> paragraph (1) of this Paragraph, so long as the same <br /> does not exceed the estimated cost of the project. <br /> (4) Contracts for Pro-Rata Refund. <br /> <br /> (a) Any individual or developer making an au- <br /> thorized pro-rata extension or deposits into the Water <br /> and Sewer Fund for such an extension of water or <br /> sewer mains, which cross property not owned, or <br /> under direct control of said individual or developer, <br /> shall receive any funds which may be collected from <br /> pro-rata charges to other property owners making <br /> connection to such extension, within fifteen (15) years <br /> of the date of the pro-rata contract covering such <br /> extension. <br /> <br /> (b) A contract between the City of Paris and <br /> the sponsor shall be executed at the time of comple - <br /> tion of construction and shall state: The price per <br /> front foot or other proper charges as determined <br /> by the City Council which shall be charged as pro-rata <br /> charges, the maximum amount of refund which may be <br /> paid to the original sponsor and the date of expiration <br /> after which pro-rata charges will not be collected. <br /> The contract herein described shall be binding upon <br /> all parties, their heirs and assigns for fifteen (15) <br /> years from and after the date of said contract. <br /> <br /> (c) The maximum amount of refund due a <br /> sponsor shall be the original cost, less the pro-rata <br /> charges due for property owned or controlled by the <br /> sponsor. The expiration date shall be fifteen (15) <br /> years after the date of the pro-rata contract. The <br /> sponsor shall not have rights to any funds except <br /> those which may be collected from pro-rata charges <br /> under said contract. In no case shall the total pay - <br /> ments made to the City of Paris and refunded to the <br /> sponsor exceed the maximum amount shown in the <br /> contract. <br /> <br /> (5) City of Paris May Act As Sponsor. At the di- <br /> rection of the City Council, when deemed necessary <br /> for protection of health and welfare in undeveloped <br /> areas, the City of Paris may extend lines and act in <br /> the capacity of sponsor under the terms of this <br /> Section. In this event any refunds due under the <br /> pro-rata charges, shall be paid to the City Water and <br /> Sewer Fund. <br />