Ordinance 1539-88 - Laserfiche WebLink

• 1 unpaid may be paid in twenty equal annual installments. The 2 estimated interest rate is stated to be 8. 5% per annum, with the 3 exact interest rate to be fixed in the ordinance authorizing the 4 issuance and sale of the local improvement bonds for the 5 District. The first installment of assessments on the assess- 6 ment roll shall become due and payable during the thirty-day 7 period succeeding the date one year after the date of first 8 publication by the City Treasurer of notice that the assessment 9 roll is in his hands for collection and annually thereafter each 10 succeeding installment shall become due and payable in like 11 manner. If the whole or any portion of the assessment remains 12 unpaid after the first thirty-day period, interest upon the 13 whole unpaid sum shall be charged at the rate as determined 14 above, and each year thereafter one of the installments, 15 together with interest due on the unpaid balance, shall be 16 collected. Any installment not paid prior to expiration of the 17 thirty-day period during which such installment is due and 18 payable shall thereupon become delinquent. All delinquent 19 installments shall be subject to a charge for interest at the 20 rate as determined above and for a charge of 12% penalty levied 21 upon both principal and interest due upon such installment or 22 installments. The collection of such delinquent installments 23 shall be enforced in the manner provided by law. 24 Section 4 . Section 3 of Ordinance No. 1118-85 should be 25 and the same is amended to read as follows, with language being - 5 -