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Any applicant under this chapter who shall construct a master plan main at his expense shall thereafter receive fifty percent of the gross monthly service charge received from users obtaining water or sewer service from the master plan main so constructed; provided, that no reimbursement shall be made in any year in which such funds would be necessary to meet the principal or interest payments falling due on water and sewer revenue bonds then outstanding. In no case shall the applicant be reimbursed for an amount exceeding his “credit” nor shall the period of reimbursement extend for longer than ten years form date of completion and approval by the City Council of the master plan main. (Prior code § 26-51)