Within 10 days after the ordinance levying assessments has been passed, the City Recorder shall cause to be published once in a newspaper of general circulation, published and printed in the city, a notice of assessment, which notice shall contain the names of the owners as defined in this chapter of each lot, tract or parcel of land assessed and together with the amount of their respective assessments. This notice shall also state the time within which the assessments must be paid or bonded and that assessments which are not paid or bonded within the time stated in the notice shall bear interest at the current rate as determined by the Council per year, and that the property so assessed is subject to foreclosure if the assessments are not paid or bonded within the time stated in the notice. The record owner or other owner, as defined in this chapter, may make application to bond the assessment pursuant to the provisions of O.R.S. 223.205 through 223.300, which is known as the Bancroft Bonding Act or any amendments thereof.