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Pursuant to this Ordinance, at a rate not to exceed two (2) percent above the rate of interest at which the bonds are sold. Assessments may, by the aforesaid resolution, be made payable in equal installments over a period not to exceed 20 yea's, to which, if not paid when due, there shall be added a penalty at the rate of one percent per month, until paid. SECTION 4.02 1�egal Proceedings Instituted upon Failure of Property Owner to Pay Assessment, Interest or Penalty when Due; Foreclosure; Service of Process. Each installment provided for in Section 4.01 shall be paid upon the dates specified, with interest until the entire amount of the Assessment has been paid, and upon the failure of any property owner to pay any installment due, or any part thereof, or any interest or penalty, the Board shall cause to be brought the necessary legal proceedings to enforce payment of the Assessments with all interest and penalties, together with all legal costs incurred, including a reasonable attorneys' fees, to be assessed as part of the costs and in the event of default in the payment of any installment of an Assessment, or any interest, the whole Assessment, together with the interest and penalties thereon, shall immediately become due and payable and subject to foreclosure. In any such foreclosure, service of process against unknown or non-resident defendants may be had by publication, as now provided by law. The foreclosure Proceedings shall be prosecuted to a sale and conveyance of the property involved in said proceedings as now provided by law in suits to foreclose mortgages or, in the alternative, said proceedings may be instituted and Prosecuted under Chapter 173, Florida Statutes. ARTICLE V Issuance of Bonds SECTION 5.01 Authorization to Issue Bonds. The Board is authorized from time to time to provide by resolution for the issuance of Bonds. The - 9 -