Number
160996
Version
ORIGINAL
Reference
Sponsor
ALD. HAMILTON
Title
An ordinance relating to payment terms for special assessments.
Sections
66-22-14-a-1 am
115-42-8-b-1 am
115-42-8-b-3 am
116-68-3-b-0 am
116-68-3-b-2 am
Analysis
This ordinance provides that if a property owner does not pay the entire amount of a special assessment work within 45 days of being billed and the unpaid principal is $125 or more, the unpaid balance shall be spread equally over the next 10 tax rolls, rather than the current 6 tax rolls.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 66-22-14-a-1 of the code is amended to read:
66-22. Lead Poisoning Prevention and Control Regulations.
14. PAYMENT TERMS.
a-1. If the total amount of the principal of the invoice remaining unpaid equals or exceeds $125, it shall be spread equally over the first available and next succeeding [[5]] >>9<< tax rolls.
Part 2. Section 115-42-8-b-1 and 3 of the code is amended to read:
115-42. Special Assessment Procedure.
8. PAYMENT TERMS.
b-1. If the total amount of the principal of the invoice remaining unpaid is the sum of $125, or over, it shall be spread equally over the first available and next succeeding [[5]] >>9<< tax rolls.
b-3. In addition to the principal remaining, interest shall be added commencing after the billing date of the invoice. A 45-day grace period for payment shall be granted from the date of billing, and if not paid within the period, interest shall be charged on a restorative basis to the date of the billing. The interest rate charged shall be set annually as of the last business day in June as an approximation of the prime rate plus 1%. For the purpose of this subdivision, the prime rate shall be defined as the Wall Street Journal prime rate which is published in the Wall Street Journal. The monthly rate of interest shall be computed by dividing such average prime rate plus 1% by 12 rounded to the ...
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