The Commission may provide for the payment of special assessments in annual installments. The annual installments shall not exceed the lesser of the usable life of the project or 30 in number, the first installment being spread upon the next annual city tax roll and made a part of each annual city tax roll thereafter until all are paid. Interest shall be charged on all installments at a rate not to exceed 7% or the maximum authorized by state law, commencing on a date determined by the Commission, and payable on the due date of each installment, the full amount of all or any deferred installments, with interest accrued thereon to the date of payment, may be paid in advance of the due dates thereof, provided, however, that in the event that special assessment bonds are issued in anticipation of the collection of said installments, the interest on the roll shall be at a rate not greater than 1% in excess of the rate on interest borne by said bonds. Deferred installments shall be collected without penalty until 30 days after the due date, after which time the installments shall be collected as delinquent and the penalty on said installments shall be collected and provided in the City Charter for collection of delinquent general city taxes. After the Commission has confirmed the roll, the City Treasurer shall notify, by mail, each property owner on said roll that said roll has been filed, stating the amount assessed and the terms of payment. Failure on the part of the City Treasurer to give said notice or of such owner to receive said notice shall not invalidate any special assessment roll of the city or any assessment thereon, nor excuse the payment of interest or penalties.
(Ord. 512, passed 12-20-76; Am. Ord. 522, passed 5-2-77)