(A) In addition to the matters set forth in § 1-19-5 of this chapter, the notice of lien must specify that the lien will constitute a special assessment that will be collected at the same time and in the same manner as ordinary municipal taxes are collected and will be subject to the same penalties and the same procedure for foreclosure and sale in case of delinquency as provided for ordinary municipal taxes. If payments are permitted to be made in annual installments, the rate of interest on the unpaid balance must be specified.
(B) After confirmation and recordation, a copy of the notice of lien will be turned over to the tax collector to add the amount of the assessment to the next regular tax bill levied against the respective parcels of land. Any costs incurred by the city in connection with recording the lien may be added to the assessment.
(C) The City Manager may determine that in lieu of collecting the entire assessment at the time and in the manner of ordinary municipal taxes, the assessment may be paid in annual installments over a period not to exceed five years. If any installment is delinquent, the amount thereof will be subject to the same penalties and procedure for foreclosure and sale provided for ordinary municipal taxes. Any assessments so deferred will bear interest on the unpaid balance at the rate of 6% per year.
(D) In the event the lien is satisfied, the city will cause a notice of release of the lien to be recorded in the County Recorder’s office.
(Ord. 553, passed 8-15-2006)