If on the first day of January in any year, two installments of any local improvement district are delinquent, or if the final installment thereof has been delinquent for more than one year, the City Manager shall proceed with the foreclosure of the delinquent assessment for delinquent installments thereof in the manner and form required by law. Said proceedings shall be commenced before the first day of May of any such year.
(Ord. 460 § 1, 1966)
Interest on delinquent assessments or installments thereof shall bear interest at the rate of eight per centum per annum from date of delinquency, and, in addition to such interest, a penalty of five per centum per annum upon such delinquent assessment or installment.
(Ord. 460 § 2, 1966)