A. Except where the Washington County Ordinance relating to a traffic impact fee provides otherwise, a person from whom an SDC in an amount not less than $500 is due and payable may apply to the City on or before the due date to pay same in equal semi annual installments with interest over a period not to exceed 10 years.

B. The finance director in the finance director’s discretion shall determine from time to time the appropriate interest rate to be charged for such installment payments sufficient to recoup the city’s costs to administer the installment payment process and reflecting the present state of the local market for sale or guarantee of the payments receivable.

C. No application for installment payment financing of SDC shall be valid unless in writing on a City approved form, signed by the owner of the property on which the development subject to the SDC occurs or the owner’s agent with authority, submitted with a nonrefundable application fee set by the finance director, and accompanied by written acknowledgment by any and all persons presently holding security interests in the same property that the City’s lien on the property for payment of the installments shall be prior and superior to any other lien. The finance director shall reject any application as to which the evidence available to the finance director shows that the fair market value of the owner’s interest in the property free and clear of property taxes and all other existing liens and encumbrances does not equal or exceed the amount to be financed by the City.

D. Notwithstanding any other provision in Oregon law or this code and in addition to any other remedy available to it, if any installment payment of principal or interest on an SDC is unpaid for more than 30 days after the due date, the City may declare the entire remaining balance of the SDC due and payable at once and if not so paid, may proceed to foreclose its lien on the property for that remaining balance. [BC 4.01.200, added by Ordinance No. 3787 § 4, 9/9/91]