A. Any obligations, debts or outstanding monies owed to the city that are not paid by the due date, or if no due date, not paid by 30 days of being incurred, shall accrue interest of .875% per month (10.5% per year) on the unpaid balance, except for assessments which shall accrue interest at the rate stated in the resolution establishing the assessment district, and except for amounts owed the clinic which are exempt from this section.
B. Any delinquent obligations, debts or outstanding monies due the city upon which payments are being made on a monthly basis pursuant to a city-approved payment plan and upon which all new charges are kept current will not be subject to further interest charges. If the monthly minimum payment required by the payment plan is not paid on a timely basis, the .875% per month interest charge, plus a $25.00 penalty, will be retroactively assessed to the delinquent account or debt as of the date interest charges were suspended.
(Ord. 85-06 § 4, 1985; Ord. 92-2 § 3, 1991; Ord. 95-6, 1996)