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The city council may execute a latecomer agreement for water and/or sewer facilities with a property owner who constructs water and/or sewer facilities:

(1) Within the city or within 10 miles from the city corporate limits, connecting with the city public water or city sewerage system to serve the area in which the real estate is located;

(2) To provide for a period of not to exceed 15 years for the reimbursement of such real estate owners and their assigns by any owner of real estate who did not contribute to the actual cost of such water and/or sewer facilities and who subsequently tap into or use the same (the “latecomer”);

(3) To require that the latecomer pay his or her fair pro rata share of the cost of the construction of the water and/or sewer facilities, including not only those directly connected thereto, but also users connected to laterals or branches connecting thereto;

(4) To be effective as to any owner of real estate not a party to the latecomer agreement unless such latecomer agreement has been recorded in the office of the Snohomish County auditor prior to the time that the latecomer taps into or connects to said water and/or sewer facilities. (Ord. 1182 § 1, 2006).