(A) All summer taxes which are unpaid as of September 15 of each year shall be subject to interest at a rate of 1% per month. Interest shall be calculated as of the date of payment to the City Treasurer, in the absence of payment until the last day of February of the ensuing year, after which time unpaid taxes are returned to the County Treasurer as delinquent. All interest earned is to accrue to the separate taxing districts or funds in proportion to their percentage of the entire tax bill.
(B) All winter taxes which are unpaid as of February 15 shall be subject to interest calculated at the rate of 1% per month until turned over to the County Treasurer for collection.