(a)   The Administrative Director is hereby authorized and directed to accept payment in cash of all installments of special assessments or re-assessments charged against any lot or parcel of land and not due. The Administrative Director is hereby authorized to compute the uncollected interest charges included in such installments and to accept in full payment the installments, without interest, in full to the time such special assessments or re-assessments shall become due, such interest charges being hereby waived. However, if such installments are pledged to the payment of outstanding bonds or notes, the interest charges included in such installments shall be collected at the rate borne by such bonds or notes up to the time when an amount of such bonds or notes, not less than the amount of such installments, can be paid or redeemed according to their terms or by agreement with their holders.
   (b)   Where such installments have been certified to the County Auditor for collection, the Administrative Director, upon receiving prepayment of such installments, will certify the fact of such payment to the County Auditor, who will then cancel such installments upon his or her records in accordance with Ohio R.C.323.071.
   (c)   The moneys derived from such payments will be deposited in the City Treasury to the credit of the Special Assessment Bond Retirement Fund of the City and will be used only for the payment, redemption or purchase of, and the payment of interest on, bonds and notes issued in anticipation of the levy or collection of special assessments. However, if the City has no such bonds or notes outstanding, such moneys will be used as provided by law or by ordinance of Council.
(Ord.89-0-10. Passed 4-11-89.)