Chapter 12 Improvements by Assessments

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I MPROVEMENTS B Y A SSESSMENTS§12-43 (2) The balance payable in monthly installments of not less than one and one- third percent of the total sale price, plus interest at the rate of five percent per annum upon all unpaid balances; (3) Failure for thirty days to pay any installment due shall effect an entire forfeiture of the purchaser’s right, title and interest in such assessment unit in any payments previously made by the purchaser on account thereof; (4) Such building restrictions as the director of finance may prescribe; and (5) The assessment unit when sold shall be subject to real property taxes. (1983 CC, c 12, art 3, sec 12-43; am 2002, ord 02-82, sec 17.)12-43 Article 4. Finance and Payment. Section 12-44. Improvement bonds authorized. In the event of an election to pay all or part of any such special assessment in installments, the amount required for immediate use to pay the cost of the improvement, or the installments thereof from time to time as they fall due, may be advanced out of any funds available in the general fund or the permanent improvement fund; provided that as soon as practicable, the amounts so necessary shall be secured, and repaid if advances have been made, by the issuance of sufficient district improvement bonds of the County to raise such required amounts. (1983 CC, c 12, art 4, sec 12-44; am 1984, ord 84-4, sec 3.)12-44 Section 12-45. Contents of bonds. (a) The director of finance, upon authorizing resolution from the council, may issue improvement bonds. The resolution shall require one reading for its adoption. Improvement bonds shall bear the name of the improvement district, and: (1) Shall bear interest at a rate or rates not exceeding a rate or rates established by resolution enacted by the council payable at such time or times; (2) May be made payable as to both principal and interest at such place or places and in such manner within and without the State; (3) May be issued in coupon form without privilege of registration or registrable as to principal only or as to both principal and interest or in fully registrable form without coupons; (4) May be made registrable at such place or places within and without the State; and (5) May be subject to redemption, to being tendered for purchase or to being purchased prior to their stated maturity at the option of the County, the holder or either or both, all as determined by the council or the director of finance as herein provided. (b) Unless the council shall itself perform the actions, the director of finance shall: (1) Determine the date, denomination or denominations, interest payment dates, maturity date or dates, place or places of payment, registration privileges and place or places of registration, redemption price or prices and time or times and terms and conditions and method of redemption; 12-29