A. Unless an application is made for payment in installments as provided by this section, assessments shall be due and payable in full within 30 days after the date the notice of assessment is mailed, and if not so paid, shall bear interest at the rate of nine percent per year. The City may proceed to foreclose or enforce collection of the assessment lien if the amount is not paid in full within 90 days of the date the notice of assessment is mailed.

B. Any time within 30 days after the notice of assessment is mailed, the owner of the property may apply to pay any assessment in excess of $500.00 in equal installments, with the first payment to be paid within 180 days of the application for installment or as determined by the City’s financing plan. The City shall allow payments to be made over 10 years, and may, in the City’s discretion, allow payments to be made over a longer period of time, not to exceed 30 years. The application shall state that the applicant:

C. On receipt of an application for payment in installments, the City shall determine whether the City will finance the payments internally, or issue bonds, or obtain a loan for the amount financed. The interest rate will be set at the interest rate charged to the City, plus one and one-half to two percent. If the City finances the payments internally, the interest rate shall be at a rate appropriate for 10- to 30-year loans based on the Bloomberg national average mortgage rates. The City shall then notify the property owner of the payment amounts and due dates.

D. The entire amount of principal and accrued interest shall be payable on any transfer for consideration of the specially assessed property or change in its boundaries. [Ord. NS-2182, 2012]