PASSED

This enacted ordinance allows Neighborhood Improvement District Management Associations to charge interest of 0.75% per month, or part of a month, on overdue assessment fees owed by property owners in the district. It also allows liens to be filed for unpaid interest and applies to assessment fees charged before the ordinance took effect, with interest beginning no earlier than January 1, 2004.

Authorizing Neighborhood Improvement District Management Associations to provide for interest to accrue upon assessment fees levied on property owners within a Neighborhood Improvement District if such fees are not paid when due, and authorizing liens to be filed for nonpayment of such interest, all under certain terms and conditions.