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<br />required by E. C. 7.190 and enclose therewith an application for paYing the assessment in installments <br />according to the terms set forth in Section 4 of this ordinance. <br /> <br />Section 7. Any assessment remaining unpaid and for which no application for installment <br />payments has been received may be foreclosed as provided by law. The proceeds from the payment <br />or foreclosure of assessments levied by this ordinance shall be deposited to the city funds which <br />advanced the cost of construction, engineering and related expenses or which are used to retire any <br />indebtedness incurred by the City for these improvements. <br /> <br />Section 8. An immediate effective date of this Ordinance is necessary to allow the City to <br />begin immediate collection of the assessments that will be used to pay the obligations the City has <br />incurred for this project. Enabling the City to begin collecting assessments will avoid increased <br />interest costs and conserve limited City resources. Therefore, this Ordinance shall become effective <br />immediately upon its passage by the City Council and approval by the Mayor, retention by the Mayor <br />for more than ten days, or readoption over a Mayoral veto by two-thirds of all members of the City <br />Council. <br /> <br />Passed by the City Council this <br /> <br />Approved by the Mayor this <br /> <br />8th day of May, 2006. <br /> <br />9th day of May, 2006. <br /> <br />_~A[l~~tW:d-~~ <br /> <br />Ci Recorder <br /> <br />~ ~- <br />~M~ <br /> <br />Ordinance - 3 <br />