Any person who shall have applied so to do and who shall have constructed a water or sewer main at his expense shall be reimbursed by the City to the extent of his “credit” (less any moneys received from water and sewer revenues), as follows:

Seventy-five dollars for each water connection and seventy-five dollars for each sewer connection which is made into the mains so constructed at the applicant’s expense; provided, that connection fees for such connection have been paid to the City. Such reimbursement shall be made for a period of seven years from the date of the City Council approval of the construction of the water and sewer main. (Prior code § 26-54)