Sec. 18-5. Penalty and interest for failure to pay certain accounts when due.
(a) Any person failing to pay any account on or before its due date, other than accounts for taxes and other accounts for which a penalty is otherwise specifically provided, shall incur a penalty of ten percent (10%). The penalty shall be added to the amount of the account due from such person. No penalty shall be imposed for failure to pay if such failure was not in any way the fault of the debtor.
(b) Interest at the rate of ten percent (10%) annually from the first day of the month following the month in which such account is due shall be collected upon the principal and penalty of all such accounts then remaining unpaid. (Ord. No. O-04-123, 9-14-04)
Last updated date: 10/23/2006 4:15:21 PM