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i) final cost determination after construction completion <br />j) ordering assessment hearing <br />k) public hearing to consider assessments <br />1) adopting assessment roll <br />5. Time of Assessment. Assessments adopted priorto October 10th <br />of any year will have the first installment due with the property taxes <br />payabl,_ the following May 15th. Assessments adopted between Apr 1 10 <br />and October 10 of any year shall have 12 months interest due with the <br />first installment. Assessment adopted between October 10 and April <br />10 oC the following year shall have 18 months interest due with the <br />first installmant. <br />6. Interest Rates. Interest rates charged on special assessments <br />shall be one percentage point higher than the interest rote payable on <br />the improvement bonds issued for the project, rounded t( the nearest <br />one-fourth percentage point. <br />7. Prepayments. Partial pre -payments will not be acce)ted. Upon <br />adoption of an assessment roll, any property owner ay pay his <br />assessment in full within 30 days without incurring any interest <br />charge. After that date, but prior to November 15 of the year the <br />assessment roll is dopted, the assessment may be paid in full E;.id the <br />only interest due shall be any amount sharked 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 />principal 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 includ.ng interest due to date <br />as a condition of approval of any subdivision, planned unit <br />de%-lopment, 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 anyproperty unless <br />all special assessments due have been paid current. The Council may <br />refuse to approve any subdivision, variance or conditional use permit <br />for any property unless all special assessments due have been paid <br />current. <br />10. Tax -Forfeited Property. <br />a) Release of any tax -forfeited property for public sale shall be <br />page 4 of 15 <br />