Res85 10102 - Laserfiche WebLink

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time and in the same installments as the general taxes of the City on real property are payable, and become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property of the City. A record of the several installments of principal and interest on said unpaid assessments which are to be collected in each year during the term of the Bonds shall be kept in the office of the County Controller. Sums received from the collection of the principal of said unpaid assessments and of the interest and penalties thereon shall be placed in the Redemption Fund. Any sums collected to represent the costs of such collection shall be apportioned in the manner provided therefor and any sums collected which represent fees and charges imposed by the City to provide for reimbursement of the expenses of its registration system, pursuant to Section 14 hereof, shall be placed in the Bond Administration Fund. The provisions of Part 8 of the Act are applicable to the collection of assessments. Any unpaid assessment may be paid by depositing with the Treasurer the total unpaid balance due on such assessment together with the total interest which would become due thereon if paid in the regular way. If the amount of the payment along with prepayments of other assessments and other available monies in the Redemption Fund is sufficient to provide surplus moneys with which to redeem an outstanding Bond, the Treasurer shall then give the proper notice for redeeming such Bond by advancing its maturity in accordance with the provisions of Section 21 hereof, upon which redemption the person or persons paying the assessment or assessments shall be entitled to a proportionate credit and reimbursement for the par value of any interest thereon which shall be canceled but not paid less any accrued interest paid thereon and less the premium paid on the Bond, and less any costs incurred for administering the retirement of the Bond. Section 18. Advances from Available Surplus Funds. In the event of a delinquency in the payment of any installment of the assessment levied upon any property for the payment of the principal of and interest on the Bonds, the City in the absence of any other bidder, shall be the purchaser of delinquent property upon which any of said assessments are levied in like manner in which it becomes, or may become, the purchaser of property sold for the nonpayment of general City taxes, and shall pay and transfer from available surplus funds into the Redemption Fund the amount of any delinquent assessment installment and interest thereon. The City shall also pay and transfer from available surplus funds into the Redemption Fund the amount of any future delinquent assessment and interest thereon on such property pending redemption. Any amounts so advanced shall be recoverable upon sale or redemption of the property. Section 19. Covenanc to Foreclose. The City hereby covenants with the owners of the Bonds that it will order and cause to be commenced and diligentl] prosecuted to completion, court foreclosure -10-