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(a) Unpaid collection charges shall accrue interest, compounded daily at a rate of eighteen percent (18%) per year, beginning with the thirty-first day, the date appearing on the bill being counted as the first day.

(b) The Finance Director shall, not less than once a year, evaluate the interest rate set in Sub-section (a) above and shall recommend to the Town Council an increase or decrease in the rate based on prevailing local finance charges. The Town Council may, by resolution, alter that interest rate. (Prior code 7.16.070)