Title 13 Public Utilities and Services
Chapter 13.08 Private Utility Cost Recovery
Section 13.08.060 Interest on Latecomer Charge
- The latecomer agreement will provide that the beneficiary will receive interest.
- If a latecomer pays the charge within thirty days from the date of execution of the agreement, no interest is payable. Otherwise, interest is payable from the date of execution of the agreement to the date of payment of the latecomer charge.
- The rate of interest will be the rate payable on local improvement district warrants at the time the City signs the latecomer agreement.
- Interest is calculated on the basis of a three-hundred-sixty-five-day year and is not compounded.
- Total interest payable may not exceed the principal amount of the latecomer charge.
Date Passed: Monday, October 15, 2007
Effective Date: Wednesday, November 28, 2007
Recodification ORD C34122 Section 1
