Ordinance 974-83 - Laserfiche WebLink

• • installments with interest thereon fixed at an estimated rate of 11. 5 % per annum, with the exact interest rate fixed in the ordinance authorizing the issuance and sale of local improvement bonds for Local Improvement District No . 705 . The first installment of assessments 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 Clerk of notice that the assessment roll is in his hands for collec- tion 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 expiration of the thirty-day period during which such install- ment is due and payable shall thereupon become delinquent. All delinquent 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 installment or installments . The collec- tion of such delinquent installments shall be enforced in the manner provided by law. -Air % -%fie_ Mayor ATTEST: _ 4.1--,c-_---#4-e.--e--e---.--1- City Clerk PASSED: 9- %- 51, VALID: G/•-/y " S13 PUBLISHED: 9 - id-s'� - 3 -