7-13-2288. Interest rate on unpaid assessments.
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/mt/title-7/chapter-13/part-22/7-13-2288·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-13-2288 . Interest rate on unpaid assessments. The installments of assessments remaining unpaid bear simple interest at an annual rate equal to:
(1)the sum of:
(a)the average interest rate payable on the outstanding bonds issued to finance the improvement in respect of which the special assessments are levied; plus
(b)additional interest at a rate to be determined by the board of directors, not exceeding 2% a year; or
(2)if bonds are not issued to finance the improvements, at an interest rate to be determined by the board of directors, but not to exceed 10% a year.