§ 82-9. Payment by installments.

(a)

All special assessments shall be payable in such number of approximately equal annual installments, not exceeding 15, as the city commission shall determine. The first installment of a special assessment shall be due and payable on the date specified by the city commission in the confirmation resolution provided such date shall not be less than 30 days nor more than 90 days from confirmation of the roll. If a date for first installment is not specified in the confirmation resolution such installment shall be due 30 days after confirmation of the roll. After the first installment each successive installment shall be due upon each succeeding anniversary of the first installment.

(b)

Interest shall be charged on the unpaid or deferred balance of all special assessments at five percent per annum.

(c)

Each annual special assessment billing shall show the total special assessment unpaid, the installment due and the interest on the unpaid balance. Interest charges will be credited as income to the special assessment district. The cost of financing construction prior to full payment of assessments shall be a charge against the assessment district.

(d)

If any special assessment or any installment of a special assessment is not paid when due such assessment or installment shall be deemed delinquent.

(Comp. Ords. Rev. 1991, § 12.029)