Section 37181 Of Chapter 7. Optional Provisions For Installment Redemption From California Water Code >> Division 13. >> Part 7. >> Chapter 7.
37181
. In each succeeding fiscal year, the redemptioner shall pay,
before the delinquency date of the last installment of current
assessments, the sum of the following:
(a) That amount which is computed to be not less than the
difference between the amounts previously paid under the provisions
of this chapter, excepting amounts paid as interest, and:
(1) 66 2/3 percent of the redemption amount when the payment is
made during or prior to the first fiscal year following the year in
which election was made to pay delinquent assessments in
installments.
(2) 100 percent of the redemption amount when the payment is made
during or prior to the second fiscal year following the year in which
election was made to pay delinquent assessments in installments.
(b) Interest, computed at the rate of three-fourths of 1 percent
per month accruing on the first day of each month following the
preceding payment, on the balance of the redemption amount.
Payments under this section shall be computed and paid in the same
manner as a redemption, and the receipts for such payment shall show
that the payments are for the use of the real estate under this plan
for payment of delinquent assessments in installments.