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Installments of assessments which shall become due in any local improvement district or utility local improvement district of the city shall be delinquent if not paid when due. Each delinquent installment shall bear a penalty which shall be an amount equal to ten percent of the sum of the principal of the delinquent assessment installment, and the interest accruing on the entire balance of unpaid assessment installments up to the date on which such installment became delinquent. Interest shall continue to accrue on any delinquent installment at the rate confirmed for the assessment roll, and such interest shall be payable at the time of payment of such delinquent installment and interest and penalty and costs. (Ord. 626 §5, 1981).