The City Council of the City of Flint may order the payment of any special assessment or installment thereof from funds available for that purpose. Provided; however, that no such payment shall be authorized unless the property owner, together with his spouse, if any, shall execute a notice, secured by a real estate mortgage to the City of Flint, to secure the eventual repayment of such funds to the City of Flint in full. Such note and mortgage shall be a first mortgage upon the real estate pledged, except in those instances where the balance due upon the first mortgage is sufficiently low in the opinion of the Special Assessment Relief Board, the Finance Committee and the City Council, that the taking of a second mortgage, together with a note, will be adequate protection to the City of Flint to secure the eventual repayment aforesaid and may bear interest at a rate to be determined by the City Council not to exceed 4% per annum, shall be payable in such number of years as the City Council may determine, but in any event shall be due and payable in full upon the death of the mortgagors or the sale of the property, shall provide that failure to pay other taxes upon the mortgaged property may be grounds for acceleration of the due date of said note and mortgage and shall require the mortgagor to keep buildings insured in companies and in an amount acceptable to the City of Flint.
(Ord. 1054, passed 12-29-1952; Ord. 1223, passed 9-13-1954)