HomeMy WebLinkAbout31577 / 81-04It:
Oc[ober 1, 1981
F(RGT RFAf11Alf:
PURPOSE:
INITIATED BY:
� 8 ORDINANCE
AMEND RATE OF INTEREST ON SPECIAL ASSESSMENT INSTAILMENT PLAN
GITY ADMINISTRATION
A GENERAL ORDINANCE OF THE CITY OF OSHKOSH AMENDING SECTIONS 25-85 and 25-86
OF THE OSHKOSH MUNICIPAL CODE PERTAININ6 TO SPECIAL ASSESSMENT INSTALLMENT
PAYMENTS.
The Common Council of the City of Oshkcsh do ordain as follows:
SECifON i. ihat 5ection 'LS-�s5 of the Osnkosh Municipal Code pertaining to
the Special Assessment Instaliment Plan is hereby amended to read as follows:
SELTION 25-85 TEN YEAR INSTALLMENT PLAN.
(A) The City Clerk shall publish as a CTass 1 Notice an Installment
Assessment Notice similar to the notice specified in Section
66.Sk�7)�e) of the Wisconsin Statutes stating that the City has
determined to collect the same in ten (10) annual installments.
The property owner shall be deemed•to accept this plan unless
he files with the Cierk the notice specified in Sec. 25-84(A).
(8) First installment shall inctude one-tenth (t/10) portion of the
principal of the assessment together with interest thereto at the
rate of ten (10) per cent per year from the date of acceptance
by the City of such public improvement to the succeeding December
31, providing such acceptance was prior to November of such year,
otherwise the interest shall accrue to the next succeeding tax
roll. Each suhsequent instailment shail include a like proportion
of the principal and one (i) year's interest upon the unpaid por-
tion of such assessment. The City Clerk shaii maintain a schedule
of all ten (10) year installment assessment plans and the payments
made thereon;
SECTION 2. That Section 25-&6 of the Oshkosh Municipal Code pertaining to
prorated interest on installment payments is hereby amended to read as follows:
SECTION 25-86 PRORATEC INTEREST.
After the time for inaking the election shall have expired, any property
owner on an installment basis may pay ali remaining installments, or
any part thereof, together with interest at the rate of ten (10) per
cent per year through the month of the payment, provided, however, that
between November 1 and December 31 of each year the one (1) installment
with interest which is placed on the current tax roll must be paid as
shown on the tax roll, and the remaining principal installments may be
paid without interest.
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