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City of Portland

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5.31.027 Renegotiation of Installment Payment Contracts.

(Added by Ordinance No. 167655, May 11, 1994.)  When the Auditor declares the installment payment provisions of a sewer safety net contract void, the property owner may renegotiate new provisions to pay in installments the unbilled principal portion of the sewer safety net account.  The Auditor shall offer new installment contract terms and conditions which protect the City’s financial condition and assure the repayment of the sewer safety net account.  The Auditor shall set the interest rate on the renegotiated contract at a rate greater than or equal to the interest rate of the original installment payment contract.  The renegotiated installment contract shall be in the same form as required by Chapter 17.12 of this Code for assessment installment payment contracts.  The property owner or other interested party shall pay all delinquent assessment installments before the City will accept the renegotiated installment payment contract.