Title 08 Taxation and Revenue
Chapter 08.02 Fees and Charges
Article IV. Collection of Accounts
Section 08.02.043 Interest and Penalty
- Accounts Receivable.
For purposes of this section “accounts receivable” are claims within the accounts receivable systems of various types held by the City which will result in future inflows of cash. Such claims may include services provided, damages to City property, rental or lease income and other miscellaneous billings not covered in other sections of this code.
- Interest.
The City imposes interest of twelve percent per annum on any unpaid account receivable or portion thereof from the date the account became due.
- Penalty.
In addition to interest the City imposes a fifteen-dollar penalty on any account receivable not paid in full by the due date.
- Allocation of Payment.
All amounts received in payment under this chapter are applied first to any outstanding penalty and then to interest, and, last, to the principal.
- Waiver.
The City may waive a penalty and/or interest in whole or in part when the City finds reasonable cause.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34025 Section 1
