Interest on assessment installments in lieu of payment of sewer system connection fees, which are levied by resolution of the city council in the manner provided by this chapter, shall be computed on the basis of an interest rate equal to the average rate of interest being received by the city on all of the city's invested funds, as last determined by the finance director prior to the date an executed assessment petition, together with all appurtenant documents and fees required by this chapter, is filed in the office of the director, plus two percent (2%). Interest on one-half of each assessment installment shall begin to run from the date of the resolution levying the assessment and be computed and collected up to the tenth day of December next succeeding the date on which such assessment installment becomes due and payable, and the interest on the other one-half of each such assessment installment shall begin to run from the date of such resolution and be computed and collected up to the tenth day of April succeeding the date such assessment installment becomes due and payable.
(Ord. 1921 (part), Ord. 2012 §4 (part), Ord. 2113 §1, Ord. 2136 §3, Ord. 2142, Ord. 2364 §81)