The Bancroft Bonding Act (ORS 223.205 et seq.), excluding ORS 223.220 shall apply to assessments levied in accordance with BC 3.02.010 through 3.02.235, except to the extent the terms of the state law are inconsistent with the terms of the City’s Code in which case the City’s Code shall prevail. Unless otherwise provided in the particular assessment ordinance, the owner of property assessed for a local improvement in the sum of $500.00 or more at any time within thirty (30) days after notice of the assessment is first mailed (or within the time as the council may from time to time establish) may file with the finance department a written application to pay the whole of the assessment in equal semiannual installments, together with interest over a period not to exceed twenty (20) years as the city council may provide. The interest shall be at the Oregon prime rate as determined by the finance director, until the sale of bonds encompassing the assessment and thereafter at a rate set by the council, reflecting changes in the bond market and any other costs associated with the assessment or bonding process. Assessed property owners paying the prime rate and subject to adjustment in rate by the council shall be allowed a credit or debit on future interest payments to reflect a decreased or increased interest rate. Such adjustment in interest rate shall be made by a method determined by the finance director and shall then apply to unpaid installments on the assessment. Notice of the rate adjustment shall be given by mail to the affected applicant and property owner. [BC 3.02.095, amended by Ordinance No. 3413, 10/23/84]