(A) All taxes imposed by this chapter shall be collectible, together with any interest and penalties thereon, by suit, as other debts of like amount are recoverable.
(B) The Clerk-Treasurer or his delegate is authorized to institute civil law suit to collect delinquent taxes due and owing the Village by virtue of the provisions of this chapter. The Clerk-Treasurer or his delegate is authorized to waive penalties and interest and compromise tax liability and the right to accept waiver of state statutes of limitations.