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Newly calculated bills that will make adjustments to the yearly rate are expected to be sent out in time for the second half payments, but officials warn that owners should not recalculate either first or second half bills on their own, as past due interest payments could be applied by the computer. In the second case, debt was issued with a stated interest rate of 8% and a 10% penalty rate of interest accrued on past due interest. We have been working very hard to collect all principal, past due interest, and collection costs, and we have every reason to expect full recovery on both properties. |
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