§ 50.26  SPECIAL ASSESSMENTS.
   In certain instances, the city, by majority vote of its City Council, may elect to extend utility services at initial city expense. The charge to be assessed each property owner benefitted and served shall be calculated on the basis of the actual cost per effective front foot, which shall be determined by dividing total project cost by effective front footage. Effective front footage is defined as being determined by modifying actual front footage by a depth factor as set forth in the state’s Tax Commission Assessing Manual, Depth Factor Schedule, such manual incorporated in and made part of this subchapter. The charge to each benefitted property owner shall be assessed at the time of project completion and shall be paid no later than the time actual service connections are made to the particular parcel or parcels of land served, which said charge shall bear interest at the rate of 6% per annum, compounded annually, accruing from the date of project completion to date of payment.
(Prior Code, § 2.162)