The right to recoupment shall continue until the total amount of all recoupable costs, (plus interest, if applicable), have been recovered by the sponsor or until the expiration of the term of the applicable recoupment agreement, whichever first occurs.  The recoupment period shall be for a term of years approved by the city council, which shall not exceed the term of thirty (30) years from and after the date the sanitary sewer facilities and/or water facilities have been dedicated to and accepted by the city.