Special assessments shall be payable in one installment or in such a number of approximately equal annual installments not exceeding fifteen as the Council may determine. The amount of each installment (if more than one) need not be extended upon the special assessment roll until after confirmation. The first installment of a special assessment shall be due at such time after confirmation as the Council shall fix, and the several subsequent installments shall be due at intervals of twelve months from the due date of the first installment. All unpaid installments prior to their transfer to the City tax roll, shall bear interest, payable annually, at a rate to be fixed by the Council not exceeding six percent per annum, such interest to commence at such time as shall be fixed by Council.
The whole assessment against any lot or parcel of land may be paid to the City Treasurer at any time in full with interest and penalties accrued to the date of payment of the next installment.
If any installment of a special assessment is not paid when due, then the same shall be deemed to be delinquent and there shall be collected thereon, in addition to interest, as above provided, a penalty at the rate of one-half of one percent for each month or fraction thereof that the same remains unpaid before being reported to the Council for reassessment upon the City tax roll. The City's portion of the cost of any improvement may be divided into installments the same as the assessments against lands in the district and in such case the provisions of this chapter (article) relative to such installments shall apply to the City installments insofar as they are applicable.
(Nov. 5, 1968)