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There is hereby established in assessment proceedings for a sanitary sewer project a rate of interest to be determined in the following manner:
(a) If funds from the City are used to finance the project costs, and no borrowed moneys are used, the individual benefitting from the assessment will be charged one- half of the prime rate charged by large money center commercial banks and reported in the Wall Street Journal Money Rates section as of the date the resolution of necessity for the project becomes effective.
(b) If the City borrows the money to finance the sanitary sewer project, the individual benefitting from the assessment will be charged at the same rate of interest as that charged to the City on the borrowed funds.
(Ord. 1987-143. Passed 11-2-87; Ord. 1988-47. Passed 5-2-88.)