For residential projects, which have been approved for a deferral of fees pursuant to this chapter, no interest shall accrue during the period of deferral. However, in the event fees are not paid at the time required by this chapter, a penalty equal to the annual rate of interest earned by the Treasurer of the County of Sacramento on the investment of pooled funds, computed on the unpaid amount from the date of execution of the deferral agreement to time of payment, shall be due and payable.
(SCC 1069 § 1, 1997; SCC 1121 § 1, 1998; SCC 1399 § 13, 2008)