A. As used in this Chapter only, the following terms shall mean:
1. “Assessment lien” means a lien placed upon certain real property for its proportionate share of costs incurred in the construction of the sewer system or for the connection of the property to the sewer system.
2. “Collection costs” means the costs associated with the collection of the assessment such as billing and rebilling charges.
3. “Delinquent assessment lien” means an assessment installment payment which has not been paid within 30 days after the installment payment due date.
4. “Department of Environmental Quality” means the State of Oregon, Department of Environmental Quality.
5. “Foreclosure sale” means a legal process which allows the City to foreclose and to sell property to liquidate a delinquent lien.
6. “Foreclosure sale list” means a list of properties with delinquent assessments which the City will see at a foreclosure sale.
7. “Redemption period” means the one-year period during which a person with an interest in the property may redeem the property which has been sold at a foreclosure sale to satisfy a delinquent assessment.
8. “Redemption price” means the sales price plus interest and penalties.
9. “Sales costs” means costs associated with the sale including the cost of advertising, sale direct and indirect costs related to notification such as the cost of any reports required to determine the names of persons having an interest in the property or the status of the property, printing, postage, advertising, posting of the property, title insurance and staff salaries, benefits and overhead costs directly expended to complete the sale.
10. “Sale price” means the amount owning on the principle, interest, penalties, collection costs and sales costs.
11. “Sewer safety net participating property”: A property on which the assessment or connection charge has been funded by the City of Portland, Sewer Safety Net Loan Program.