The Bancroft Bonding Act (ORS 223.205 through 223.295) shall apply to assessments levied in accordance with this subchapter. Unless otherwise provided in a particular assessment ordinance, the owner of any property assessed for a local improvement in accordance with this subchapter in the sum of $25 or more, at any time within 30 days after notice of the assessment is first mailed (or within such time as the Council may from time to time establish), may file with the City Recorder a written application to pay the whole of the assessment in 20 semi-annual installments together with interest at a rate to be fixed by the Council and set out in the assessment ordinance but not to exceed 10% per annum, or if any part of the assessment has been paid, the unpaid balance of the assessment in such installments with such interest.
(Ord. 931, passed 4-7-1975; Ord. 1011, passed 5-5-1980)