Within ten days after the ordinance levying assessments has been passed, the City Recorder shall send by mail, to his/her last known address, a notice of assessment to the record owner and, so far as is readily known, to the owner as defined in this chapter, of each lot, tract or parcel of land assessed. This notice shall state the time within which such assessments must be paid or bonded and that assessments which are not paid or bonded within the time stated in the notice shall bear interest at the percentage rate per annum fixed by the City Council in accordance with Section 3.12.120, and that the property so assessed is subject to foreclosure if such assessments are not paid or bonded within the time stated in the notice. Such record owner or other owner as defined in this chapter may make application to bond such assessment pursuant to the provisions of Sections 223.205 to 223.300, which is known as the “Bancroft Bonding Act” — Oregon Revised Statutes, together with amendments or future amendments thereof. (Ord. 2-1991 § 1 (part), 1991: Ord. 2-1961 § 13, 1961.)