Ordinance 1578-89 - Laserfiche WebLink

1 required by law stating that the roll is in his hands for 2 collection and that payment of any assessment thereon or any 3 portion of such assessment can be made at any time within thirty 4 days from date of first publication of such notice without 5 penalty, interest or cost , and that thereafter the sum remaining 6 unpaid may be paid in twenty equal annual installments . The 7 estimated interest rate is stated to be 8.5 % per annum, with 8 the exact interest rate to be fixed in the ordinance authorizing 9 the issuance and sale of the local improvement bonds for Local 10 Improvement District No . 725 . The first installment of 11 assessments on the assessment roll shall become due and payable 12 during the thirty-day period succeeding the date one year after 13 the date of first publication by the City Treasurer of notice 14 that the assessment roll is in his hands for collection and 15 annually thereafter each succeeding installment shall become due 16 and payable in like manner . If the whole or any portion of the 17 assessment remains unpaid after the first thirty-day period, 18 interest upon the whole unpaid sum shall be charged at the rate 19 as determined above, and each year thereafter one of the 20 installments, together with interest due on the unpaid balance, 21 shall be collected . Any installment not paid prior to 22 expiration of the thirty-day period during which such 23 installment is due and payable shall thereupon become 24 delinquent . All delinquent installments shall be subject to a 25 charge for interest at the rate as determined above and for a - 3 -