Ordinance 947-83 - Laserfiche WebLink

a unpaid may be paid in fifteen equal annual installments with interest thereon fixed at an estimated rate of 11% per annum, with the exact interest rate to be fixed in the ordinance autho- rizing the issuance and sale of the local improvement bonds for Local Improvement District No. 702 . 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 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 installment or installments . The collection of such delinquent installments shall be enforced in the manner provided by law. r _,__,ice ( - Mayor ATTEST: E'e-A--- City Clerk PASSED: -.7-- ,g..3 VALID: 6- - a-' PUBLISHED: 6 _5=y3 - 3 -