[Ord. No. 616 §§1 — 8, 10-16-2000]
A. 
The City, at its sole discretion and if deemed in the best interest of the citizens, may provide financing for curbing and sidewalks as described in Ordinance No. 616 if no other source is available to the property owner. All financing provided by the City of Concordia is subject to funding availability.
B. 
The property owner must make application to the City for financing prior to the work being done. If necessary, a written agreement may be executed between the City and the property owner. Financing will be in the form of a special tax assessment.
C. 
After the work has been done and the invoice received from the contractor, the property owner will present the invoice to the City. The property owner will be required to sign a special tax bill stating willingness to pay an annual special tax assessment to the City. The special tax bill will set forth the amount to be paid, the number of payments and the rate of interest.
D. 
The fully executed tax bill will be presented to the Board of Aldermen for approval. It will be attached to an ordinance to be adopted which authorizes the assessment for a specific property owner at it specific location and amount. Upon adoption of the ordinance, the contractor's invoice will be paid by the City.
E. 
Upon adoption of the ordinance, the special tax bill and ordinance will be recorded with the Recorder of Deeds, Lafayette County, Missouri in evidence of such assessment payable to the City of Concordia. The cost of recording shall be paid by the property owner.
F. 
The interest rate to be charged by the City will be two (2) percentage points above the lowest rate quoted by the local banks.
G. 
The minimum amount financed by the City will be four hundred dollars ($400.00). The maximum will be on a case by case basis depending upon circumstances and available funds.
H. 
Responsibility for collecting the annual special tax assessment will rest with the City Tax Collector. The Tax Collector will prepare a report of special tax assessments for curb and sidewalks and issue the report annually at the end of the March. Said report to include name, location, interest rate charged, year initiated, amount financed, annual payment, and amount remaining to be paid.