(Amended by Ordinance No. 179361, effective July 1, 2005.)
A. Under the Catch-up Payment Program, a property owner is allowed to bring a delinquent bonded lien current or pay in full by the end of an established period by increasing the monthly amount, or to pay a delinquent open lien in full by the end of an established period.
B. Qualifications. Any property owner with a delinquent lien may participate in the Catch-up Payment Program.
1. For a delinquent bonded lien, the minimum monthly payment must be equal to the scheduled regular payment, plus an amount necessary to repay the arrears by the end of the individual payment plan. At the conclusion of an individual payment plan, the Auditor shall bill any property owner who has a bonded lien and has complied with the individual payment plan, but has not paid the account in full, according to the Auditor’s standard billing procedures. The maximum period under this Program shall not exceed five years.
2. For a delinquent open lien, the minimum monthly payment must be equal to an amount necessary to pay the account in full by the end of the term of the individual payment plan. The maximum payment period under this Program shall not exceed five years. Interest shall be calculated at the prime interest rate set by the City's bank on December 31st of the previous year plus 300 basis points (3%) per annum. The recalculated interest rate shall be applied to each individual payment plan on the first billing date following December 31st of each year.
3. A payment for the specified amount in the Catch-up Payment Plan Agreement (CPPA) must be received in the Auditor's Office with the signed CPPA.
D. If a property owner fails to make any monthly payment before the completion of an individual catch-up plan, the Auditor may place the property on the foreclosure list in accordance with the priorities in Section 5.30.100.