Ordinance 1671 - Laserfiche WebLink

• tUereon to date of delinquency of the installment thereof next falling due. The first installment shall become due and payable during the thirty day period succeeding a date one year after the date of the first publication of said notice , and annually there- after each succeeding installment shall become due and payable in like manner. If the whole or any portion of any assessment remains unpaid after the first thirty day period herein provided for , interest upon the whole unpaid sum shall be charged at the rate fixed in the ordinance providing for• such improvement, and each year thereafter one installment, together with interest due upon the whole of the unpaid balance, shall be collected. Any installment not paid prior to the expiration of the thirty day period during which said installment is due and payable, shall thereupon become delinquent. All delinquent installments shall be subject to a charge for interest at the bond rate as herein specified , from the date of delinquency until the date of delinquency of the installment next falling due after the payment of such installment, and to an additional charge of five per cent penalty levied upon both principal and interest due on such installment or installments. Section 2: That Section 7 of said Ordinance No. 1439, be, and the same is hereby amended to read as follows: Section 7: TERM OF BONDS - INTrR ST: Such bonds by their terms shall be made payable on or before a date not to exceed twelve years from and after the date of the issuance of :such bonds , which latter date may be fixed by resolution or may be fixed by the ordinance confirming the assessment roll. Such bonds to bear interest as may be provided by the ordinance ordering the improvement, not exceeding eight per cent per annum, payable as provided in said ordinance, and each bond lhall have attached thereto interest coupons for each interest payment. There shall be attached to each bond such number of coupons , not exceeding twelve, as shall be