The penalty for failure to pay the transient room tax in a timely manner shall be same imposed by Section 59-1-401, Utah Code Annotated 1953, as amended. The City may charge interest for unpaid or underpaid taxes at the rate established by Section 59-1-402, Utah Code Annotated 1953, as amended. The City Council, by resolution, may waive the penalty and interest charged, provided the taxpayer makes timely payment.