Costs shall be adjusted by annual compounding with a variable interest rate until the tenth year anniversary from the date on the city's notice of completion. The interest rate used for each calendar year until the tenth anniversary shall not exceed the average annual Local Agency Investment Fund (LAIF) rate of return on City of Tulare investments from the previous calendar year. Interest for a portion of a year shall be prorated to the nearest month. Beginning with the tenth anniversary, the cost shall be fixed at its value on the tenth anniversary.
(1995 Code, § 8.60.060) (Ord. 06-2026, passed - -2006)