(A) Thirty-Day Cash Pay Period. The assessing ordinance may establish a 30-day (or shorter) cash pay period that begins the day after the date of publication of the assessing ordinance. The Department of Finance and Administrative Services sends a bill to each record owner in the SAD giving the assessed amounts for each improvement. Special assessments may be paid, in whole or in part, without interest during the 30-day (or shorter) cash pay period. Any unpaid assessments shall be payable in accordance with the procedures established in the assessing ordinance.
(B) Sale of Bonds. After expiration of the established cash pay period, the Department of Finance and Administrative Services, determines the amounts of special assessments that are unpaid. A series of bonds for the SAD may then be issued and sold. The actual rate of interest or method of determining the actual rate of interest to be paid by the record owners or owners on the special assessment liens is determined at the time of sale of the bonds.
(Ord. 44-1996)