Ordinance 1085-84 - Laserfiche WebLink

Section 4 . The assessment roll as approved and confirmed shall be filed with the City Treasurer for collection and the City Treasurer is authorized and directed to publish notice as required by law stating that the roll is in his hands for collection and that payment of any assessment thereon or any portion of such assessment can be made at any time within thirty days from date of first publication of such notice without penalty, interest or cost, and that thereafter the sum remaining unpaid may be paid in ten equal annual installments . The esti- mated interest rate is stated to be I ! % per annum, with the exact interest rate to be fixed in the ordinance authorizing the issuance and sale of the local improvement bonds for Local Improvement District No . 704 . The first installment of assess- ments on the assessment roll shall become due and payable during the thirty-day period succeeding the date one year after the date of first publication by the City Treasurer of notice that the assessment roll is in his hands for collection and annually thereafter each succeeding installment shall become due and payable in like manner . If the whole or any portion of the assessment remains unpaid after the first thirty-day period, interest upon the whole unpaid sum shall be charged at the rate as determined above, and each year thereafter one of the installments, together with interest due on the unpaid balance, shall be collected . Any installment not paid prior to expira- tion of the thirty-day period during which such installment is due and payable shall thereupon become delinquent . All delin- quent installments shall be subject to a charge for interest at the rate as determined above and for an additional charge of 12% penalty levied upon both principal and interest due upon such - 3 -