Chapter 12 Improvements by Assessments

Home

I MPROVEMENTS B Y A SSESSMENTS§12-37 Section 12-37. Payment in bonds. The director of finance may accept in lieu of cash in payment of any assessment, installment thereof, interest, penalty, cost, expense or any portion thereof, bonds of the improvement district in which the assessment unit is situated, whether such bonds are outstanding or hereafter issued, to a value of par, plus accrued interest to the date of acceptance of such bonds by the director of finance. Upon the receipt of such bonds, the director of finance shall cancel the bond and credit the improvement district with the amount allowed on the bonds. (1983 CC, c 12, art 3, sec 12-37; am 2002, ord 02-82, sec 17.)12-37 Section 12-38. Failure to pay installments. (a) Failure to pay any installment, whether of principal or interest, when due, shall cause the whole of the unpaid principal to become due and payable immediately, and the delinquent installment or installments shall thereafter bear penalty at the rate of two percent per month or fraction of a month from the date of delinquency until the day of sale as provided in this chapter. At any time prior to the date of sale, the owner may pay the amount of all delinquent installments, with penalty, and all costs and expenses accrued, and shall thereupon be restored to the right thereafter to pay in installments in the same manner as if default had not been made. (b) The council may, by resolution, approve a waiver of such amounts of penalty and upon such terms, as it finds is needed to induce payment of substantial funds to be used for the payment of obligations which are owed and which will be owing to bondholders; in approving such a waiver, due consideration shall be given to an equitable apportionment of the costs of the affected improvement district among the various assessed assessment units. (1983 CC, c 12, art 3, sec 12-38; am 1982, ord 777, sec 2; am 2002, ord 02-82, sec 17.)12-38 Section 12-39. Owner of undivided interest. The owner of any undivided interest in any assessment unit may pay the whole assessment thereon and may have a joint or several right of action against the other owners of any interest in the assessment unit for their proportionate share of the assessments. (1983 CC, c 12, art 3, sec 12-39; am 2002, ord 02-82, sec 17.)12-39 Section 12-40. Sale for default. (a) In case of default in the payment of any installment of principal and interest when due, the director of finance may within one hundred twenty days after such default commences advertise and sell the assessment unit concerning which default is made for the whole of the unpaid assessment thereon, interest and costs. The period of default shall not exceed one year before foreclosure action is initiated. The purchaser of such assessment unit shall be permitted to pay in cash the total amount of the delinquent installment or installments of principal and interest and penalty, and the balance in equal annual or monthly installments as originally 12-27