12-6,114. Same; principal and interest payments during delayed period; revenues from public improvement charges; assessment of costs incurred by city.
12-6,114
12-6,114. Same; principal and interest payments during delayed period;
revenues from public improvement charges; assessment of costs incurred by
city.
Whenever the governing body of any city shall grant a delay in the
payment of assessments under the provisions of this act, such
governing body shall provide for the payment of the principal and
interest of bonds issued for the payment of the costs of such
improvement during the period for which such delay has been granted by
the levy of a tax upon all of the taxable property of the city in the
manner provided for the payment of bonds payable by the city at large.
That portion of the bonds issued for the payment of the costs of
constructing public improvements which are payable by the
city at large during the
period granted as a delay in the payment of assessments shall be
considered bonds payable by the city at large and not bonds the cost of
which are payable from special assessments. Revenues derived from
any service charges derived from such improvements may be used to pay the
principal and interest thereon.
All costs incurred by the city at large by reason of and during the time
of the delay in the payment of assessments shall be paid by special
assessments against the property against which such costs were
originally assessed and the proceeds thereof paid into the general bond
and interest fund of the city. In no event shall said amount exceed the
original assessment plus prorated interest which would have been charged
initially for a ten-year installment payment schedule.
History: L. 1969, ch. 95, § 5;
L. 1981, ch. 80, § 5; July 1.