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days of the effective date of this ordinance. Assessments that remain unpaid after the ten day period are declared to be <br />liens upon the respective lots~ parts of lots or parcels of land against which said several amounts are assessed, and may <br />be paid, with interest on the unpaid principal amount commencing ten days after the effective date of this ordinance: <br /> <br /> 4.1 In up to twenty semi-annual installments, including pnncipal and interest at the rate set by the City <br />Manager as provided in E.C. 2.022 through 2.024. <br /> <br /> 4.2 If the property owner so elects, in 120 monthly installments, including principal and interest at the rate set <br />by the City Manager as provided in E.C. 2.022 through 2.024 plus a service charge determined by the City Manager as <br />provided in E.C. 2.020. <br /> <br /> Section 5. The City Recorder is directed to enter in the docket of City Liens a statement in connection with <br />each unpaid assessment containing the following: <br /> <br /> 5.1 A description of each lot, part of lot or acreage specially benefitted by the local improvement; <br /> <br /> 5.2 The name of the owner or reputed owner thereof, or that the name of the owner is unknox~m; and <br /> <br /> 5.3 The sum assessed upon said property, the amount and date from w?fich interest accrues, and the date of <br /> entering the same in the docket of City Liens. <br /> <br /> Section 6. Upon enactment of this ordinance, the City Finance Officer shall send notice of the assessments by <br /> first class mail to the owners of the assessed parcels containing the information required by E.C. 7.190 and enclose <br /> therewith an application for paying the assessment in ~nstallments according to the terms set forth in Section 4 of this <br /> ordinance. <br /> <br /> Section 7. Any assessment remaining unpaid and for which no application for installment payments has been <br /> received may be foreclosed as provided by law. The proceeds from the payment or foreclosure of assessments levied <br /> by this ordinance shall be deposited to the city funds which advanced the cost of construction, engineering and related <br /> expenses or-which are used to retire any indebtedness incurred by the City for this improvement. <br /> <br /> Ordinance - 3 <br /> <br /> <br />