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3.08.140. Redemption, installment payments

            After sale, if a tax sale certificate thereon issues to the City, payment in installments of unpaid principal, interest, and all costs and charges may be made and credit given for the amount so paid against the amounts due.  The installments paid shall be in such amount as will discharge the indebtedness within not more than three (3) years from the date of sale, and a written agreement covering the provisions for payment shall be filed with the City Recorder.  Credit shall be given for each installment as paid and interest thereby reduced proportionately, and on all unpaid installments interest shall be paid and charged at the rate of ten percent (10%) per year.  In case any owner electing to take advantage of the provisions of this Section shall fail to make payment of the installment when due, the right of the City to receive a tax deed for the property shall not be impaired, nor shall the owner be entitled to receive any refund of any amounts so paid.  There shall be paid with each installment the additional sum of One Dollar ($1.00) to cover bookkeeping expense incurred in connection therewith, which sum shall not be credited against the delinquent tax.

Ord. No.97-35, Recodified, 6/19/1997

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