§ 19.20.260. Assessment payment, delinquency, interest and penalty.

A.

When confirming the assessment roll, the assembly may fix a schedule of dates when the special assessment or special assessment installment payments become due and delinquent. No payment shall be required before 60 days after the assembly's confirmation of the assessment roll. A penalty of eight percent shall be added to any assessment or assessment installment not paid before the date of delinquency.

B.

For improvements other than those financed through the issuance of special assessment bonds or notes:

1.

Installment payments shall bear interest from the date of confirmation of the assessment roll until the installment payment is due. The rate of interest shall be determined by the chief fiscal officer and shall be based upon the capital marketplace cost of funds for debt, of similar term, issued to finance similar improvements and shall be fixed at the initial rate for the entire repayment period, with the exception of water and sanitary sewer special assessments. The rate of interest applied to water and sanitary sewer special assessments shall be in accordance with the criteria provided in the approved tariffs of the municipal water and wastewater utility.

2.

Delinquent assessment payments, and the penalty thereon, bear interest at an annual rate of eight percent from the date of delinquency until paid.

3.

Penalty and interest payable under subsection 2 of this subsection may be waived by the chief fiscal officer where the sum does not exceed $200.00 and such penalty and interest accrued through no fault of the property owner so assessed. The assembly may waive such penalty and interest where the sum exceeds $200.00 and such penalty and interest accrued through no fault of the property owner so assessed.

C.

In the case of improvements financed through the issuance of special assessment bonds:

1.

Installment payments shall bear interest at a rate not greater than 0.5 percent higher than the net effective annual interest rate of the special assessment bonds issued to finance the improvements, as approved by the municipal assembly, from the date of the issuance of the special assessment bonds until the installment is due, unless a different date or rate of interest is set by the assembly by ordinance or resolution.

2.

Delinquent assessment payments, and the penalty thereon, bear interest at an annual rate of eight percent from the date of delinquency until paid.

3.

Penalty and interest payable under subsection 2 of this subsection may be waived by the chief fiscal officer where the sum does not exceed $200.00 and such penalty and interest accrued through no fault of the property owner so assessed. The assembly may waive such penalty and interest where the sum exceeds $200.00 and such penalty and interest accrued through no fault of the property owner so assessed.

(CAC 3.08.470; AO No. 88-45; AO No. 91-101; AO No. 96-77(S-1), § 19, 6-11-96; AO No. 2012-64, § 1, 7-24-12)