Sec. 74-2. - Deferral of sewer assessments.

When authorized by the city finance director, the city sewer authority may provide temporary sewer assessment relief for all persons that would qualify for a tax credit under P.L. 1997, chapter 28, as amended, and subject to the conditions and definitions of that chapter. Such relief may include complete or partial deferral of the assessment until such time as the assessed property is partially or fully owned by any person that would not qualify for a tax credit under P.L. 1977, chapter 28.

Once any property subject to a sewer assessment is sold or otherwise transferred by an owner benefiting from a deferral of that assessment, all deferred assessments shall be payable by one or both of the parties to the transaction, together with all interest that has accrued on the assessment during the period of deferral.

The interest shall be limited to the amount which would have been due and payable on the installment due date, if the deferral had not been requested and approved, and payment had been made on time. Interest shall not be compounded and shall not be computed at the rate established for nonpayment of city taxes as said deferred payments are hereby deemed not to be overdue. Upon termination of the deferral period, payments due shall not exceed the amount which would have been due and payable if no deferral had been requested and authorized.

(Ord. No. O-98-3, § I, 2-9-98)

Editor's note— Section I of Ord. No. O-98-3, adopted February 9, 1998, amended Ch. 74 by adding § 74-146. For purposes of classification, such new provisions were included herein as § 74-2 at the discretion of the editor.