Installment Assessments shall be due and payable with any accrued interest, penalties and costs, at any time after the said publication and before the assessed property is sold for delinquency; and they may be paid in full without interest on or before the last day of the month in which the 90 day period terminates. Thereafter the unpaid balance of the principal amount of the assessment shall be divided into equal annual installments. To each current installment interest shall be added as it accrues monthly on the total balance of such principal amount then unpaid; except that interest which accrues on the first day of December preceding the delinquency date for any installment, the balance of which installment is duly paid before delinquency, shall be added instead to the next annual installment. The number of installments and the rate of interest shall correspond with the determination thereof by the Council, and unless each of such installments, including such accrued interest, is paid before the respective date for the delinquency thereof, such installment shall become delinquent and a penalty will be added, and the assessed property will be subject to sale as hereinafter provided. The date for delinquency of the final installment shall also be designated as the maturity date of the assessment.
SECTION HISTORY
Based on Ord. No. 85,500.
Amended by: Ord. No. 108,857.