If any assessment is not paid within three months after its levying by the Council or by the next July 1 following the levying of the assessment, the amount of the assessment shall become a lien upon the property against which the assessment is made by the Director of Public Works. The payment of the assessment shall then be spread over a five-year period and shall bear interest at a rate equal to the prime rate plus 3% per annum on any unpaid balance. At the end of the five-year period the Director of Finance shall turn over to the County Assessor and Tax Collector a notice of lien of each of the properties on which the assessment has not been paid; and, the amount of the remaining assessment balance, including accrued interest, shall be added to the next regular bill for taxes levied against the premises upon which the assessment was not paid.
('86 Code, § 13.48.170) (Ord 3401, passed - - ; Am. Ord. 4199, passed - - )