The ad valorem taxes hereafter levied by the governing body of the city each year shall become due on the first day of October of the year for which the levy is made and may be paid up to and including the following January 31st, without penalty, but if not so paid such taxes shall become delinquent on the following day, February 1st, and the following penalty shall be payable thereon: if paid during the month of February, one percent (1%); during the month of March, two percent (2%); April, three percent (3%); May, four percent (4%); June, five percent (5%); and on and after the first day of July, eight percent (8%). Such unpaid taxes shall bear interest at the rate of six percent (6%) per annum from February 1st of the last year next succeeding the year for which such taxes were levied or assessed.
(Ordinance 14-69 adopted 9/26/69)