Whenever the cost and expense of any improvement is payable by the mode of payment by bonds, the whole or any portion of any assessment levied on account of such improvement may be paid, without penalty or interest, during the first thirty days following the date of the first publication of a notice by the city clerk-treasurer, and such assessment and assessment roll is in his/ her hands for collection, and the unpaid balance, if any, may be paid in equal installments, the number of which shall equal the number of years which the bonds to pay for the improvement shall run; or the lien of any assessment may be discharged at any time after the first thirty days by paying the entire unpaid portion thereof with all penalties and costs attaching, together with all interest thereon to date of delinquency of the installment thereof next falling due. The first installment shall become due and payable during the thirty-day period succeeding a date one year after the date of the first publication of the notice, and annually thereafter. Each succeeding installment shall become due and payable in like manner if the whole or any portion of any assessment remains unpaid after the first thirty-day period provided for in this section. Interest upon the whole unpaid sum shall be charged at the rate fixed in the ordinance providing for such improvement, and each year thereafter one of the installments, together with the interest due upon the whole of the unpaid balance, shall be collected. Any installment not paid prior to the expiration of the thirty-day period during which such installment is due and payable shall thereupon become delinquent. All delinquent installments shall, until paid, be subject to a charge for interest at the bond rate and to an additional charge of five percent penalty, levied upon both principal and interest due on such installment or installments, and after the expiration of the thirty days after the date of the first publication of the clerk-treasurer’s notice referred to in this section, the city clerk-treasurer shall report to the city council the total amount of the assessment unpaid, whereupon the city council shall issue bonds on the local improvement district established by the ordinance providing for such improvement in an amount equal to the amount remaining unpaid on such assessment roll, but the bonds shall not be issued prior to twenty days after the expiration of the thirty days. (Ord. 1337, §13, 1980).