The City Council shall fix the time for the payment of any special assessment and if divided into installments the time of payment of each installment thereof. All installments beginning with installment No. 2 shall be due and payable at intervals of twelve (12) months. Each special assessment, or if divided into installments, each installment thereof, prior to its due date shall bear interest at a rate not to exceed the prime commercial lending rate per annum to be computed from and after the date of confirmation of the assessment by the Board of Special Assessors. Provided, that if no bonds are issued in anticipation of the collection of any special assessment the City Council may waive the payment of interest, but not penalties, on such special assessment or any installment thereof. Any one or more installments of a special assessment may be paid in advance at any time, with interest computed to the next installment due date. If the whole or any part of a special assessment or the interest thereon, is not paid at the time when it becomes due, then the same shall be deemed to be delinquent, a collection fee of four percent (4%) plus three-quarters (3/4) of one percent penalty for each month or fraction thereof until paid.
(Ord. 2542, passed 1-26-1976; Ord. 2716, passed 7-9-1979)