LeGRAND, Justice.
This is a contest between the state and one of its municipalities brought by the Attorney General to enjoin the defendant city from collecting a late-payment charge authorized by ordinance on bills issued by the city-owned waterworks. The city appeals from a decree finding the ordinance violates the Iowa usury statute contained in Chapter 535, The Code, 1977. We reverse and remand.
The pertinent part of the ordinance is as follows:
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