(1) As used in this section, “bonded assessment” means any assessment for a local improvement levied by any local government where application to pay such assessment in installments has been filed with the local government levying it.
(2) After approval by the governing body of any local government, the owner of any property, against which there is outstanding any delinquent bonded assessment, at any time before the property affected by the assessment has been sold for the collection thereof as provided by law, may pay any delinquent installment of the bonded assessment, together with the amount of interest due thereon as provided by the law governing the same, plus the cost of advertising the property for sale and a penalty of three percent on the amount of the delinquent installment so paid.
(3) The power granted by subsection (2) of this section is vested in each local government and is self-operating therein without the necessity of amending the charter thereof incorporating the terms of this section.
(4) The governing body of each local government may, in its discretion, by ordinance, make the provisions of this section applicable to delinquent bonded assessments levied by it and outstanding against property in the local government. [Amended by 1991 c.902 §85; 2003 c.802 §59]
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