(A) In lieu of payment in full for work done by the city and charged to the persons responsible under § 91.50, said persons may, within 30 days commencing from the date of the bill, elect to pay the charge in five equal annual installments by executing, within the 30- day period, an installment option agreement requesting the right to pay in installments and containing the applicable provisions as set forth herein. The agreement, to be effective, must be executed and filed with the City Treasurer within the 30-day period.
(B) If the date of the bill is less than six months prior to the next succeeding October 1, the responsible persons, at the time they execute the installment option agreement, shall pay to the City Treasurer an amount equal to interest on the total amount of the charge at the rate of 8% per annum computed from the date of the bill to a date six months beyond the next succeeding October 1. If the date of the bill is more than six months prior to the next succeeding October 1, the responsible persons, at the time they execute the installment option agreement, shall pay to the City Treasurer the first installment of 1/5 of the total charge, together with an amount equal to interest on the unpaid installments of the charge at the rate of 8% computed from the date of the bill to a date six months prior to the next succeeding October 1.
(C) In the situation where the next succeeding October 1 will occur less than six months from the date of the bill, an installment equal to 1/5 of their total charge shall be payable by the responsible persons at the second succeeding October 1 following the date of the bill and annually thereafter on October 1 an additional 1/5 shall be due until the charge is paid in full. In the situation where the next succeeding October 1 will occur more than six months from the date of the bill, the second installment of 1/5 of their total charge shall be payable by the responsible persons at the October 1 next succeeding the date of the bill, and annually thereafter on October 1 an additional 1/5 shall be due until the charge is paid in full.
(D) At the time that an installment is due, under either of the situations in divisions (B) or (C) above, there shall also be due interest for one year on the installments that will thereafter remain unpaid plus interest for six months on the installment then being paid, except that when the last installment is paid, the only interest due shall be six months' interest on the installment then being paid. The interest shall be at the rate of 8% per annum. Any responsible persons may pay the entire amount of their unpaid charge together with six months' interest on that amount at any due date for an installment and such shall constitute full payment of the charge. The City Treasurer may cause to be placed upon the regular city tax bills for ad valorem real estate taxes each installment as due, with the interest payments then due.
(E) If any sum due hereunder is not paid before the November 1 next succeeding the date it is due, the sum shall then become subject to interest and penalty the same as for ad valorem real estate taxes, and shall be collectible and be collected in the same manner and by the same methods and remedies as such ad valorem city taxes.
(Ord. 1992-17, passed - -)