Common use of INTEREST ON MONIES OWED TO THE CITY Clause in Contracts

INTEREST ON MONIES OWED TO THE CITY. 20.1. Except as otherwise specifically provided in this Agreement, all sums or monies owed by the Developer to the City shall bear interest compounded semi-annually and calculated from the date upon which such sum or monies are due and payable and such interest shall be calculated at a rate per annum equal to the Prime Rate plus TWO (2%) percent and such interest rate shall be adjusted from time to time in accordance with any change to the Prime Rate.

INTEREST ON MONIES OWED TO THE CITY. 20.1. 20.1 Except as otherwise specifically provided in this Agreement, all sums or monies owed by the Developer to the City shall bear interest compounded semi-annually and calculated from the date upon which such sum or monies are due and payable and such interest shall be calculated at a rate per annum equal to the Prime Rate plus TWO (2%) percent and such interest rate shall be adjusted from time to time in accordance with any change to the Prime Rate.

INTEREST ON MONIES OWED TO THE CITY. 20.118.1. Except as otherwise specifically provided in this Agreement, all sums or monies owed by the Developer to the City shall bear interest compounded semi-annually and calculated from the date upon which such sum or monies are due and payable and such interest shall be calculated at a rate per annum equal to the Prime Rate plus TWO (2%) percent and such interest rate shall be adjusted from time to time in accordance with any change to the Prime Rate.