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Section 6. The tax bill portion of this improvement, which is FOUR THOUSAND FIVE HUNDRED NINETY SIX AND 90/100 DOLLARS ($4,596.90), shall be Jlevied as a special assessment or tax against a .benefit district which shall consist of. -a11 .lots...and parcels. . of .land. fronting or-abutting the improvement in the name. or..names. of.. the respective.. owner or owners thereof, on each side of said street. within the. limits . described in Section One hereof, in the amount .of.. ELEVEN..AND. NO/1.00 .DOLLARS .($11.00) per linear foot of all lots or parcels-of .land .fro.uting on the improvement. S.ec.tion._7.... Payment .for the_ cost of said tax bill portion of this improvement..shall be. made by certified-special tax bills in accordance with the provisions. .of._Section. 6. of this ordinance, which shall be issued to the contractor in payment for doing this work. The said tax bills_ shall .mature and. become_ payable thirty (30) days after the .date of .issue except_.those. t.ax_ .bi.11s which. are payable in ten (10) annual installments, the first of which shall mature and become payable thirty (30) days after the_.date of issue, and the remaining. installments at consecu- tive one (1) year intervals thereafter. All tax bills shall bear interest at the rate of eight (8) per centum. per annum, beginning thirty (30) days after date of issuance. At the option. of the contractor the City will purchase said tax bills at par. Section 8. The City of University City shall pay the balance of the "Whole Cost" of the improvement which is estimated to be approximately FOURTEEN THOUSAND EIGHT HUNDRED NINETY ONE. AND 1.0./100 DOLLARS ($14,891.10), out of available City funds. Section 9. If for any reason no bids are received, or if the bids received are rejected., the City Council may by resolution or motion, direct the City Clerk to readvertise_for bids as provided for in this ordinance. Section 10. This Ordinance shall take effect and be in force from and after its passage, as provided by law. PASSED this 21st day of May 1984. [041 J� ATTEST: Mayor CITY CLERK CERTIFIED TO BE CORRECT AS TO FORM: CITY ORNEY 3