In cases where the installment payment plan has been elected, the installments and interest shall be payable as follows:
(A) If the next due date for regular city taxes will occur less than six months from the original due date for the assessment, the property owner, at the time he executes the installment option agreement, shall pay to the City Clerk an amount equal to interest on the total amount of the assessment against him at the same rate of interest applicable to regular city taxes, computed from the original due date for the assessment to a date six months beyond the due date for regular city taxes.
(B) If the next due date for regular city taxes will occur more than six months from the original due date for the assessment, the property owner, at the time he executes the installment option agreement, shall pay to the City Clerk the first installment of one-tenth of his total assessment together with an amount equal to interest on the unpaid installments of the assessment, at the same rate of interest applicable to regular city taxes, computed from the original due date for the assessment to a date six months prior to the next due date for regular city taxes.
(C) In the situation contemplated by division (A) of this section, an installment equal to one-tenth of his total assessment shall be payable by the property owner at the second succeeding due date for regular city taxes following the original due date for the assessment, and annually thereafter an additional one-tenth shall be due until the assessment is paid.
(D) In the situation contemplated by division (B) of this section, the second installment of one-tenth of his total assessment shall be payable by the property owner at the due date for regular city taxes next following the original due date for the assessment, and annually thereafter an additional one-tenth shall be due until the tax is paid.
(E) At the time an installment is due under either division (C) or (D) of this section, 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. However, when the last installment is paid, the only interest due shall be six months' interest on the installment then being paid. Such installments of interest shall be at the rate which the bonds issued and sold pursuant to § 39.08 hereof shall bear, except that the first such installment of interest shall be adjusted by the difference between the interest rate applicable to regular city taxes and the interest rate of the bonds in such a manner that the property owner will pay the same amount of interest which would have been paid by him if the interest payments made by him under divisions (A) or (B) of this section had been made at the interest rate of the bonds.
(F) The City Clerk may cause to be placed upon the regular city tax bills each installment due under division (C) or (D) of this section, with the interest payments due under division (E) of this section added thereto so as to make one sum, or the City Clerk may send a separate bill for such sum at the same time regular city tax bills are sent. If such sum is not paid by the next due date for regular city taxes, the sum shall then become subject to interest and penalty the same as the regular city taxes and shall be collectible and be collected in the same manner and by the same methods and remedies as the regular city taxes. However, any early payment discount applicable to regular city taxes shall not apply to such sum.
(G) Any property owner may at any due date for an installment when five or less installments of his assessment remain to be paid (counting the installment then due) pay the entire amount of the unpaid assessment together with six months' interest on that amount, which shall constitute full payment of the assessment.
(Ord. O-18-83, passed 5-24-83)