§ 110-153. Variable rate bonds.

(a)

The county may, at its option, issue bonds bearing a variable rate of interest, whereupon the interest rate and installment payments applicable to assessments shall be subject to adjustment as provided by resolution of the council. In such event, the county may impose on such annual installment payments such rate of interest as shall not exceed the maximum amount permitted by section 110-125 hereof as shall be determined on the 15th day prior to the date the assessment roll is certified for collection to the county manager or the tax collector, as appropriate.

(b)

If amounts of interest collected by the county exceed, in the aggregate, the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on assessments as provided in section 110-125 hereof, the excess amounts shall be credited to the next installment of the assessment or be returned to the property owners who paid such amounts, as provided by resolution of the council. If the amounts of interest collected by the county are less, in the aggregate, than the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on assessments as provided in section 110-125 hereof, such deficiency may be imposed as a surcharge on the next installment.

(Ord. No. 94-19, Art. I, § 3(Art. 5, § 5.3), 12-15-94)