3.470 Interest on Assessments.
(1) All nondelinquent assessments levied by the City upon real property for local improvements shall bear interest on the unpaid balance thereof from the date the assessment is due and payable at the rate specified in this subsection (1):
(a) From the date of the assessment to the date of the Bancroft bonds sold to redeem warrants issued for the cost of the improvement, the rate shall be the rate on the warrants rounded up to the next whole percentage point.
(b) From and after the date of the Bancroft bonds sold to finance the improvement, the rate shall be the net effective interest rate on the bond issue rounded up to the next one-tenth of one percent.
(2) Assessments levied by the City upon real property for incurred charges shall bear interest on the unpaid balance from the date the assessment is due and payable at the rate established in the most recent fee schedule approved by resolution of the City Council. The City Recorder shall have the discretion and the authority to reduce or eliminate this interest on a retroactive basis if (a) the property owner has agreed to a monthly payment plan and is faithfully and consistently making payments according to that plan, or (b) the property owner is making complete payment of the principal owing, and circumstances exist that would make reduction or elimination of interest fair and just under the totality of the circumstances. Under such agreements, interest shall accrue at the reduced or eliminated rate while monthly payments are being made, and preexisting interest above and beyond the reduced or eliminated rate shall be forgiven upon complete payment of the owed principal and any reduced interest.
(3) Nondelinquent assessments levied when a different rate was in effect shall continue to bear interest at the rate in effect at the time the assessments were levied.
(4) Delinquent assessments for local improvements and delinquent systems development charges shall bear interest at the rate established in the most recent fee schedule approved by resolution of the City Council while delinquent.
(5) An assessment shall be deemed delinquent if any payment is not made within 60 days after it becomes due and payable.