Pursuant to RCW 35.92.025, there shall be added to the amount of water and sewer stub charges and to the amount of the additional water and sewer connection charges provided for in this chapter, a charge for interest on the amount of each stub or connection charge from the date of construction of the water or sewer improvement which serves the property served by the connection or stub until payment of the charges, not to exceed ten years. The interest charge shall be calculated at a rate determined by the Finance Director. The interest charge shall be calculated at a rate which is commensurate with the rate of interest applicable to borrowing by the City at the time of construction of the water or sewer improvement. The interest rate shall not exceed ten percent per year. The total interest charge shall not exceed the principal amount of the stub or additional connection charge to which it applies. (Ord. 1816 § 2, 1994: Ord. 1485 § 1 (part), 1989).