7-12-2176. Interest rate on unpaid assessments. (1) The installments of assessments remaining unpaid bear simple interest at an annual rate equal to the sum of:
     (a) 1/2 of 1% a year; plus
     (b) the average interest rate payable on the outstanding bonds or warrants of the rural special improvement district; plus
     (c) at the option of the board of county commissioners, up to an additional 1/2 of 1% a year.
     (2) The board of county commissioners may subsequently reduce or eliminate the additional interest rate allowed under subsection (1)(c). If the additional interest rate is reduced or eliminated, it may not be subsequently increased or reimposed.

     History: En. Sec. 16, Ch. 665, L. 1985; amd. Sec. 3, Ch. 229, L. 1995.