Prepayment of assessment




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4898548-985.  Prepayment of assessment

A.  An owner may elect to pay the total amount of the assessment levied on a lot or tract of land owned by him, or the unpaid balance thereof if a part has been paid.

B.  When an owner has prepaid an assessment on any lot or tract of land, such lot or tract shall not thereafter be subject to annual assessment and interest installment levies therefor.

C.  When any owner elects to pay off his assessment, the treasurer shall ascertain what bonds may be called by reason thereof and the amount which the owner shall pay therefor, which shall be the total of the following sums:

1.  The amount of any delinquent installments of principal and interest, together with penalties, interest and costs due thereon.

2.  Any installment of principal and interest which has been posted to the tax roll for the current fiscal year.

3.  The unpaid balance of principal thereof, plus a premium computed as provided in section 48 986, subsection B.

4.  An amount to be fixed by the treasurer for publishing a notice calling the bonds, if notice is to be published.



5.  Interest to the date of call on the amount of principal to be used for call, less the amount of interest provided in paragraph 2 of this subsection.  If the amount of principal paid is in excess of the amount for which bonds may be called, additional interest shall be collected on the excess amount for an additional one year. 48985



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