§ 26-21.10. Bond Plan A. Lot Bonds.

a.

Powers . When bonds are issued pursuant to this plan the bond provisions of the Improvement Act of 1911 shall apply.

b.

Assessments Under Twenty-Five ($25.00) Dollars . As an alternative method for the collection of such assessments which are of an amount less than twenty-five ($25.00) dollars proceedings may be had in accordance with the alternative provisions of subsection 26-21.11 hereof

c.

Premium . In addition to the amounts provided in Section 6447 of the Act, to be paid by the owner in the event he/she desires to discharge the lien of such bond, the owner shall pay a premium of five (5%) percent of the unpaid principal of such bond. The redemption provisions contained in such bond as provided in Section 6447 of the Act, shall have added thereto the words "together with a premium of five (5%) percent of the unpaid principal."

(Ord. No. 941 N.S.)