All special improvement assessment liens shall become due and payable at the office
of the tax collector within thirty (30) days of the date of the adoption of the resolution
accepting the project and approving the special improvement assessment roll, and all
special improvement assessment liens not paid within said period shall become payable
in equal annual installments for a period of up to ten (10) years as determined by
the board in said resolution with interest thereon as determined in said resolution
from the due date, payable annually. The rate of interest on said special improvement
assessments shall not exceed a rate of interest two (2) per cent less than the prime
commercial lending rate of the Chase Manhattan Bank, N.A., of New York, New York,
as announced from time to time. All funds paid to the tax collector in satisfaction
of the special improvement assessments or in reduction of the amounts due and owing
on the special improvement assessments shall be distributed to the county and credited
in an appropriate account or fund for the project.
(Ord. No. 81-19, § 10, 9-29-81)
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