(A) (1) The total cost of an improvement must be assessed against all lots within the assessment district in accordance with the special benefits conferred upon the property, and not in excess of such benefits, unless the cost is to be paid otherwise.
(2) No lot shall be assessed in excess of the amount of assessment as shown in the schedule confirmed by the court if court confirmation is utilized, but if court confirmation is not utilized, then on the ordinary plat and schedule adopted by the Council.
(3) No assessment shall exceed 25% of the value of the lot as shown by the plat and schedule approved by the Council or as reduced by the court.
(4) If the special assessment which may be levied against a lot is insufficient to pay its proportion of the cost of the improvement, or if no special assessment may be levied against a lot, the deficiency shall be paid from the city fund or funds designated by the Council.
(Prior Code, Art. 10, Ch. 1, § 15)
(B) (1) The first installment of each assessment, or the total amount if less than $50, is due and payable on January 1 next succeeding the date of the levy, unless the assessment is filed with the County Auditor less than 30 days prior to January 1. The first installment shall bear interest on the whole assessment from the date of acceptance of the work by the Council to June 1 following the due date.
(2) The succeeding annual installments, with interest on the whole unpaid amount, to June 1 following the due date, are respectively due on January 1 annually, and must be paid at the same time and in the same manner as the March semi-annual payment or ordinary taxes.
(3) All future installments of an assessment may be paid on any date by payment of the then outstanding balance, plus interest, to June 1 following the due date of the next maturing installment.
(4) Each installment of an assessment with interest on the unpaid balance is delinquent after March 31 next after its due date and bears the same delinquent interest with the same penalties as ordinary taxes. When collected, the interest and penalties must be credited to the same fund as the special assessment.
(5) From the date of adoption of the resolution of necessity, all special assessments with all interest and penalties become and remain a lien on the benefitted properties until paid and have equal precedence with ordinary taxes and are not divested by any judicial sale.
(6) Any property owner may elect to pay one-half of any annual installment of principal and interest of a special assessment in advance, with the second semi-annual payment of ordinary taxes collected in the year preceding the due date of such installment.
(7) Assessments levied and certified under the provisions of this chapter, including installments and interest, are payable at the office of the County Treasurer where the property assessed is located; except that, assessments may be paid in full and without interest within 30 days after the date of certification at the office of the County Treasurer or the City Clerk.
(Prior Code, Art. 10, Ch. 1, § 16)
(Ord. passed 4-2-1985)