A. Due Dates, Delinquency, Interest and Penalty. The council in the resolution confirming the assessment roll shall fix a schedule of dates when the special assessment or special assessment installment payments become due and delinquent. Deferred or installment payments bear interest at the rate payable on bonds issued to finance the improvements within the special assessment district or at such other rate as may be authorized by the council by resolution or ordinance, payable from the date of the confirmation of the assessment roll until paid. No payment shall be required within 60 days after adoption of the resolution confirming the assessment roll. A penalty of eight percent shall be added to any assessment installment not paid before the date of delinquency, and both the assessment installment and penalty shall draw interest at a rate three percent per annum higher than the interest rate payable on the deferred or installment payments, until paid.

B. Waiver of Penalty and Interest. Penalty and the additional three percent interest on delinquent payments may be waived by the council where the delinquency occurred through no fault of the property owner so assessed.

C. Early Payoff. An assessment may be paid in full or in part without interest on the amount paid during the 60 day period following the confirmation of the assessment roll or such greater or lesser prepayment period as the council may provide by resolution or ordinance. An assessment may be paid in full on any payment due date or at any other time without an early payoff penalty. An assessment balance paid in full on the due date or within three months following the last due date will not be assessed the following year’s interest. Any assessment balance paid in full during the last nine months of the assessment payment year will be assessed a full year’s interest. Partial prepayments of principal will not qualify for any interest reduction. Any delinquent interest or penalties on prior missed payments must also be paid in full before a release of lien will be issued. (Prior code § 2.60.200)