Within ten (10) days after the ordinance levying assessment has been passed, the recorder shall send, by registered or certified mail, a notice of assessment to the record owner at his or her last known address, and, so far as readily known, to the owner of each lot, tract or parcel of land assessed. The notice shall state the time within which such assessment must be paid or bonded as provided in the assessment that assessments which are not paid or bonded within the time specified in the assessment ordinance shall bear interest at the rate specified in the assessment ordinance, which rate shall be set forth in the notice. The notice shall further state that if such assessments are not paid or bonded within the time stated in the notice, the property so assessed is subject to foreclosure and that the record owner or other owner may make application to bond such assessment pursuant to the provisions of ORS 223.205--223.295, inclusive. (Prior code § 2.022)