16 payments spread over eight years (included in May and November taxes)
Payment amount is 1/16 of principal plus accrued interest
Interest rate is determined by the most recent bond sale
Interest rate is not charged on the sewer connection fee portion of the loan, only the excavation portion
Payment Option Two: Deferred
Payment of the loan is deferred until:
Death of property owner(s)
Sale of property
Loss of owner-occupied status
If the City Council determines that there would be no hardship, they can require immediate full or partial payment. Full / immediate payment is required when the property is sold or the deed is transferred to other people.
Interest accrues on the loan at the rate determined by the most recent bond sale