Tennessee Code 7-84-628 – Penalty for late payment
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Terms Used In Tennessee Code 7-84-628
- Governing body: means the council, commission, board or other body exercising general legislative power in the municipality. See Tennessee Code 7-84-603
- Month: means a calendar month. See Tennessee Code 1-3-105
In case of failure to pay any assessment or installment provided for under this part on or before the date prescribed by the governing body for such payment, there shall be added to the assessment both interest of one percent (1%) per month and a penalty of one percent (1%) per month of the amount of such assessment or installment.