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5.30.090 Negotiation of Bonded Lien Payment Contracts.

City Code Section

(Amended by Ordinance 189413, effective March 6, 2019.)

  1. If the Revenue Division declares a bonded lien payment contract void prior to the property being placed on the foreclosure list, the property owner and the Revenue Division may negotiate new installment payment arrangements.  If the Revenue Division offers a new installment payment contract, the terms and conditions must protect the City’s financial condition and assure the repayment of associated municipal bonds.  The Revenue Division shall set the interest rate on the negotiated contract at a rate greater than or equal to the interest rate of the original installment payment contract.  The Revenue Division shall prepare a form of agreement for negotiated installment payment contracts.