§ 17-349. Interest on assessments.

The resolution may provide that each assessment shall bear interest from the date upon which the resolution is confirmed at a rate or rates (including floating or variable interest rates) not exceeding the following:

(1)

If the proceeds of the assessments and the related annual installments are not pledged or otherwise to be used for payment of special assessment bonds, a per annum rate of fifteen (15) percent; or

(2)

If the proceeds of the assessments and the related annual installments are pledged or are otherwise to be used for payment of either special assessment bonds or other obligations issued in anticipation of special assessments, a rate not greater than one (1) percent per annum above the true interest cost of the bond issue, which is the rate which will discount all future cash payments so that the sum of the present values of such payments (compounded at intervals determined by the board of county commissioners) equals the bond proceeds received by the county at issuance.

(Code 1965, § 33-63; Ord. No. 82-7, § 2, 5-18-82)