A. Interest shall accrue on the unpaid balance of the area of benefit fee and the area of benefit fee shall be adjusted accordingly. The interest rate shall be equal to the local agency invest fund (LAIF) rate in effect at the time the resolution approving the area of benefit fee is adopted and shall be so indicated in the resolution. The interest shall begin to accrue from the time the notice of completion is filed with the county recorder for the improvements covered by the area of benefit fee. The amount of the accumulated interest shall not exceed one hundred (100) percent of the principal amount of the area of benefit fee.
B. The revised area of benefit fee shall equal the adjusted cost plus a city administrative fee of ten percent of the adjusted cost. (Ord. 2017-01 (part), 2017: Ord. 9710 § 1 (part), 1997)