After passage of the assessment ordinance by the council, the finance director shall prepare a statement of amounts assessed on each particular lot, parcel of land or portion thereof, together with a description of the improvement, the name of the owners and the date of the assessment ordinance and shall make the entry on the City lien docket. On entry in the lien docket, the amount entered shall become a lien on the respective lots, parcels of land or portions thereof, which have been assessed for the improvement. All assessment liens of the City shall be superior and prior to all other liens and encumbrances on property, as permitted by state law. Interest shall be charged on all amounts not paid within 30 days from the date of the letter notifying the owner of the ordinance levying the assessment. Unless otherwise provided by council resolution the rate of interest shall be as provided by BC 1.01.020 or at the interest rate established for the last Bancroft Bond sale, whichever is higher. After the expiration of 30 days, the City may foreclose or enforce collection of assessment liens in the manner provided by state law. However, the City may enter a bid for the property being offered at a foreclosure sale, which bid shall be prior to all bids except those made by persons who would be entitled under state law to redeem such property.