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+ r <br /> successive payment due one year from the previous payment until the full amount <br /> of the installment payment contract is paid in full. The interest rate shall be that <br /> established using the method described in this section. <br /> (c) Upon the failure of any installment to be timely paid, the entire <br /> deferred balance plus interest shall become immediately due and payable. <br /> (d) The property owner may at any time pay off such contract without <br /> penalty and that upon any sale or transfer of ownership of the property the <br /> property owner may pay off such contract in full or transfer the contract to the <br /> new property owner. <br /> (e) Upon full payment of the contract the Finance Director shall have <br /> caused to be have mailed to such property owner notice that the contract is paid in <br /> full. <br /> The provisions of this section is only to provide an alternative for eligible <br /> property owners and they may choose to pay such charge in full at the time of <br /> application. <br /> Section 2. That the City Clerk be, and she is hereby, authorized and directed to cause <br /> the provision hereof to be appropriately set out in the City Code and to cause the same to be <br /> published in pamphlet form according to law. <br /> PRESENTED, PASSED, APPROVED AND RECORDED this 15th day of March, 2004. <br /> .--,�2.�"� . <br /> PAUL OSBORNE, MAYOR <br /> AT'TEST: <br /> � '1 r <br /> ��-��.�. . ���2� <br /> CITY CLERK <br /> PUBLISHED this//�� y of ch, 2004. <br /> / <br /> --.. , <br /> CITY CLERK <br /> I <br />