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200102220 ORDINANCE NO. 8662 (Cont.) Name Description Assessment Milan E. Timm Lot 1, Timm's Subdivision $67,771.45 GIAET, L.L.C. Part ofNWI /4 of Section 5 -10 -9; $64,602.07 A tract of land 500' north and south, and 300' east and west lying immediately north of Timm's Subdivision, and immediately east of and adjacent to the east ROW line of Juergen Road TOTAL $132,373.52 SECTION 2. The special tax shall become delinquent as follows: One -tenth of the total amount shall become delinquent in fifty days; one -tenth in one year; one -tenth in two years; one -tenth in three years; one -tenth in four years, one -tenth in five years; one -tenth in six years; one -tenth in seven years; one -tenth in eight years; and one -tenth in nine years respectively, after the date of such levy; provided, however, the entire amount so assessed and levied against any lot, tract or parcel of land may be paid within fifty days from the date of this levy without interest, and the lien of special tax thereby satisfied and released. Each of said installments, except the first, shall draw interest at the rate of seven percent (7.0 %) per annum from the time of such levy until they shall become delinquent. After the same become delinquent, interest at the rate of fourteen percent (14.0 %) per annum shall be paid thereon, until the same is collected and paid. SECTION 3. The treasurer of the City of Grand Island, Nebraska, is hereby directed to collect the amount of said taxes herein set forth as provided by law. SECTION 4. Such special assessments shall be paid into a fund to be designated as the "Paving District Assessment Fund" for Street Improvement District No. 1233. SECTION 5. Any provision of the Grand Island City Code, and any provision of any ordinance, or part of ordinance, in conflict herewith is hereby repealed. Approved as to Form - 2 - March 14, 2001 ♦ City A torney