12-6,114.   Same; principal and interest payments during delayed period;revenues from public improvement charges; assessment of costs incurred bycity.Whenever the governing body of any city shall grant a delay in thepayment of assessments under the provisions of this act, suchgoverning body shall provide for the payment of the principal andinterest of bonds issued for the payment of the costs of suchimprovement during the period for which such delay has been granted bythe levy of a tax upon all of the taxable property of the city in themanner provided for the payment of bonds payable by the city at large.That portion of the bonds issued for the payment of the costs ofconstructing public improvements which are payable by thecity at large during theperiod granted as a delay in the payment of assessments shall beconsidered bonds payable by the city at large and not bonds the cost ofwhich are payable from special assessments. Revenues derived fromany service charges derived from such improvements may be used to pay theprincipal and interest thereon.All costs incurred by the city at large by reason of and during the timeof the delay in the payment of assessments shall be paid by specialassessments against the property against which such costs wereoriginally assessed and the proceeds thereof paid into the general bondand interest fund of the city. In no event shall said amount exceed theoriginal assessment plus prorated interest which would have been chargedinitially for a ten-year installment payment schedule.

      History:   L. 1969, ch. 95, § 5;L. 1981, ch. 80, § 5; July 1.