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Section 6. The tax bill portion of this improvement, which is EIGHT THOUSAND FOUR HUNDRED THIRTY SEVEN AND 60/100 DOLLARS ($8,437.60) , shall be levied as a special assessment or tax against a benefit district which shall consist of all lots and parcels of land 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 SEVEN AND 96/100 DOLLARS ($7.96) per linear foot of all lots or parcels of land having a side line abutting the improvement. Section 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 tax bills 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 SIXTY EIGHT THOUSAND ELEVEN AND 40/100 DOLLARS ($68,011.40) , 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 15th day of September , 1986. May ATTEST: +n City Clerk CERTIFIED TO BE CORRECT AS TO FORM: City Worney 3