North Dakota Code 40-29-11 – Payment of assessments – Interest
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All assessments for sidewalks must be payable in equal annual amounts extending over a period not exceeding twenty years and must bear interest at an annual rate of not more than two percentage points above the average net annual interest rate on warrants for the total amount of the assessments remaining unpaid. Anyone may pay the sidewalk assessment in one single payment, and anyone who has paid one or more installments may pay the balance in one payment.
Terms Used In North Dakota Code 40-29-11
- 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