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r <br />i) final cost determination after construction completion <br />j) ordering assessment hearing <br />k) public hearing to consider assessments <br />l) adopting assessment roll <br />5. Time of Assessment. Assessments adopted prior to October 10th <br />of any year will have the first installment due with the property taxes <br />payable the following May 15th. Assessments adopted between April 10 <br />and October 10 of any year shall have 12 months interest due with the <br />first installment. Assessment adopted between October 10 ana April <br />10 of the following year shall have 18 months interest due with the <br />first installmant. <br />6. Interest tv-»tes. Interest rates charged on special assessments <br />shall be one percentage point higher than the interest rate payable on <br />the improvement bonds issued for t.ie project, rounded to the nearest <br />one-fourth percentage point. <br />7. Prepayments. Partial pre-payments will not be accepted. Upon <br />adootion of an assessment roll, any property owner may pay his <br />assessment in full within 30 days without incurring any interest <br />charge. After that date, but prior co November 15 of the year the <br />assessment roll is dopted, the assessment may be paid in full and the <br />only interest due shall be any amount sharged in excess of the first 12 <br />months interest. <br />8. Assessment Payoffs. <br />a) Voluntary payoff. Any owner may payoff in full all remaining <br />orincioal amounts of any special assessment, including payment <br />of interest due to date, at any time. Payoff prior to November 15 <br />of any year will avoid interest charges for the next succeeeding <br />year. <br />b) Required payoff. The Council may require prepayment of any <br />outstanding special assessments including interest due to date <br />as a condition of approval of any subdivision, planned unit <br />development, conditional use permit or variance. <br />9. Past-Due Assessments. Special assessments shall be paid <br />current each year at the time general property taxes are due and <br />payable. Building permits shall not be issued for any property unless <br />all special assessments due : ave been pa’d current. The Cuunci. may <br />refuse to approve any subdivision, variance or conditional '^e permi <br />for any property unless all special assessments due have been paid <br />current. <br />* • <br />10. Tax-Forfeited Property. <br />a) Release of any tax-forfeited property for public sale shall be <br />1 2;