Montana Code 7-13-2288. Interest rate on unpaid assessments
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7-13-2288. Interest rate on unpaid assessments. The installments of assessments remaining unpaid bear simple interest at an annual rate equal to:
Terms Used In Montana Code 7-13-2288
- board of directors: means the board of directors of the district elected or appointed as provided in 7-13-2231. See Montana Code 7-13-2201
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(1)the sum of:
(a)the average interest rate payable on the outstanding bonds issued to finance the improvement in respect of which the special assessments are levied; plus
(b)additional interest at a rate to be determined by the board of directors, not exceeding 2% a year; or
(2)if bonds are not issued to finance the improvements, at an interest rate to be determined by the board of directors, but not to exceed 10% a year.