The benefit assessment authorized by this chapter for Placerville businesses shall be billed and collected once each year on June 1. The area will bill and the city will collect the assessments at no charge to the area, and forward all funds collected to the area within thirty (30) days of said collections. Late payment penalties shall be applied to businesses that do not provide their respective assessment payments on the date provided for herein at a rate of ten percent (10%) per month. At such time as late payment penalties equate to fifty percent (50%) of the total assessment, action shall be taken to recover the delinquent assessment. Costs of this recovery shall be borne by the business owing the assessment and late penalties. (Ord. 1558, 4-13-1999)