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The affected property owner shall pay the assessment and interest to the city in accordance with paragraph (a).
(a) The principal amount of each of the assessments shall, upon filing or recordation, become payable in equal annual installments over a period of ten years as set forth in the notice provided for in Section 12.16.092, with interest computed at a rate equal to three-quarters of one percent in excess of the rate shown in the New York Bond Buyer Index of Municipal Bond Average Yields for twenty year bonds for the week next preceding the day on which the underground utility district is ordered formed. The amounts of principal and interest payable on each assessment shall be set forth in the records of the director of utilities and transmitted to the county of Santa Clara assessor. The amounts shown on the director of utilities' record against the respective parcels of land shall be entered on the next tax roll upon which general city taxes are to be collected. Thereafter, such amounts shall be collected at the same time, and in the same manner, as general city taxes are collected, and shall be subject to the same interest and penalties, and the same procedure and sale in case of delinquencies. All laws applicable to the levy, collection and enforcement of city taxes are hereby made applicable to such assessment installments and interest.
(Ord. 4908 § 12, 2006: Ord. 2527 § 6, 1969)