(A) Property owners shall have the option of making a lump sum cash payment for their share of the curb and gutter construction cost into the Curb and Gutter Construction Fund or they may enter into an agreement to pay for the curb and gutter on a time installment plan.
(B) The property owner selecting the installment plan must pay 20% of all fees in advance and then contract to pay for additional principal payments in the amount of 20% of the construction cost plus interest due on the unpaid balance. There shall be no penalty for earlier payment. Payment shall be due on May 2 of years 2 through 5.
(C) During December of each calendar year, the Board of Public Works and Safety shall establish the interest rate for the following year based on the market rate of borrowing for the city.
(D) Application of interest rate. During any calendar year, the interest rate set by the Board for that year shall apply to all installment contracts entered into that year by property owners and the city. The initial interest rate shall continue for the life of each contract initiated in that year.
(1979 Code, § 33.153) (Ord. 3881, passed 8-16-1988)