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(d) Each Assessment may be paid in a lump sum or may be paid in Annual Installments <br />pursuant to the terms of the Service and Assessment Plan. <br />(e) Each Assessment shall accrue and bear interest at the rate or rates specified in the <br />Service and Assessment Plan. <br />(f) Each Annual Installment shall be due and payable and shall be collected each year in <br />the manner set forth in the Service and Assessment Plan. <br />(g) Assessments and the interest thereon shall be deposited as and when received by the <br />City into a separate fund to be used to pay the costs incurred for the Authorized Improvements, <br />including debt service on obligations issued to pay the costs of the Authorized Improvements, <br />and the establishment of each such fund is hereby approved. <br />(h) The Annual Installments shall be reduced to equal the actual costs of repaying the <br />related series of Bonds and actual Annual Collection Costs (as provided for in the definition of <br />such term), taking into consideration any other available funds for these costs, such as interest <br />income on account balances. <br />Section 8. This Ordinance incorporates by reference all provisions and requirements <br />of the Act. <br />Section 9. If any section, article, paragraph, sentence, clause, phrase, or word in this <br />Ordinance, or application thereof to any persons or circumstances is held invalid or <br />unconstitutional by a court of competent jurisdiction, such holding shall not affect the validity of <br />the remaining portions of this Ordinance; and the City Council hereby declares it would have <br />passed such remaining portion of this Ordinance, despite such invalidity, which remaining <br />portions shall remain in full force and effect. <br />Section 10. This Ordinance shall take effect immediately from and after its passage <br />and it is accordingly so ordained. <br />APPROVED ON First Reading on the 7t" day of December, 2021. <br />