In payment of any assessment, installment thereof, interest, penalty, cost, expense, or any portion thereof, the director of budget and fiscal services may accept, in lieu of cash, bonds of the subject improvement district issued pursuant to § 14-12.1(a). Such bonds shall be valued in an amount equal to 100 percent of the principal amount of such bonds, plus accrued interest on such bonds to the date of acceptance of such bonds by the director of budget and fiscal services. Upon the receipt of such bonds, the director of budget and fiscal services shall forward the same to the registrar for such bonds for cancellation and credit the improvement district with the amount allowed on such bonds.
(Sec. 24-4.6, R.O. 1978 (1987 Supp. to 1983 Ed.)) (1990 Code, Ch. 14, Art. 26, § 14-26.6) (Am. Ord. 90-91)