How reassessment payments are credited to accounts

The director of finance, on his record pertaining to the original assessments, shall note with respect to the several assessments that have been displaced by the reassessment the fact that the reassessment has been made, and the date thereof; and upon his record pertaining to the reassessment, he shall credit the several reassessments, respectively, with all payments theretofore made, if any, upon the corresponding original assessments. If no bonds are to be issued, all payments on the reassessments, whether during the thirty-day period provided in section 14.50.060 or thereafter in installments or by advance payment pursuant to section 14.50.130 , shall be credited to the bond account for the special improvement distract fund referred to in section 14.50.230 . If bonds are to be issued upon the security of all the unpaid reassessments, then the payments thereon made during the thirty-day period shall be credited to the improvement account for the special fund and payments thereafter made, in installments or by advance payment of unpaid reassessments, shall be credited to a separate reassessment bond account for the special fund; and proceeds of the sale of the reassessment bonds, less the amount for any reserve fund to be established, shall be credited to the improvement account. If bonds are to be issued only upon the security of such portion of the reassessments which replace unpaid original assessments upon the security of which no bonds were issued, and which are not paid within the thirty-day period, then the payments on the portions of the reassessments which are made during the thirty-day period shall be credited to the improvement account, and payments thereafter made on the portion of the reassessments shall be credited to the reassessment bond account; and proceeds of the sale of bonds upon the security of the portion of the reassessments, less the amount of any reserve fund to be established, shall be credited to the improvement account, with proceeds of the sale of any bonds upon the security of any reassessments which replace unpaid original assessments upon the security of which bonds were issued being credited to the bond account. (Ord. 801 § 1 (part), 1974: prior code § 25-10.11)