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(d) Following full payment of the assessment, the public <br />entity or other source providing the temporary funds for <br />construction of the improvement shall be reimbursed the amount it <br />had provided. <br />Section 2 , Section 7.205 of the Eugene Code , 1971, i s amended by adding <br />a new Subsection (4) thereto, to provide: <br />7.205 Local Im rovements -Interest on Assessment Pa vents Deferred <br />Modified or Extended. <br />(4) An assessment deferred under subsection 7.197(7) shall accrue <br />interest from the date it is levied until the deferral ends at a variable rate <br />to be adjusted annually to reflect the city's costs in providing the funding <br />source. When the deferral ends, payment of the assessment and accrued interest <br />shall be made as provided in section 7.190. <br />Secti an 3 . The City Recorder , at the request of , or with the concurrence <br />of the City Attorney, i s authorized to administratively correct any reference <br />errors contained herein or i n other provisions of the Eugene Code, 1971, to the <br />provisions added, amended or repealed herein , <br />Section 4. In accordance with the provisions of Sections 38 and 39 of the <br />Eugene Charter of 1976, this Ordinance shal 1 become effective si x months from its <br />passage by the City Counci 1 and approval by the Mayor, retention by the Mayor for <br />more than ten days, or readoption aver a Mayoral veto by two-thirds of all <br />members of the City Counci 1. <br />Passed by the City Counci 1 thi s <br />28th day of October , 1996 <br />a ~~ <br />City Recorder <br />Approved by the Mayor this <br />28th day of October , 1996 <br />.~ <br />Mayor <br />Ordinance - 2 <br />