How to pay an assessment in installments

(a) In case of an election to pay any assessment in installments, the assessment shall be payable in not less than five nor more than twenty annual installments of principal; provided that, in the case of improvements financed by bonds issued to secure loans from the federal government, the maximum number of annual principal installments may be increased so as to permit the repayment of the principal of such bonds over a period not to exceed thirty-five years from the date of issuance; and provided further that the council may, in its discretion, determine the date on which payment of such annual installments shall commence, which date shall be no more than three years from the thirty-first day following the last publication of the ordinance required to be enacted pursuant to section 12-29. The annual installments shall be in such amounts as determined by the council, and each annual installment may be made payable in up to twelve equal monthly or other periodic installments; provided that principal, interest or both on any bonds outstanding due prior to collection of annual assessment shall be paid in accordance with section 12-49, and except as provided in sections 12-44, 12-45, and 12-46 regarding temporary advances, shall not be paid out of any moneys available in the County treasury. Interest in all cases shall be paid on the unpaid principal, at such rate or rates as may be determined by the council. (b) The date on which such annual installments shall commence, the number of such annual installments, the respective amounts of the annual installments, the period of payment, and the rate of interest shall be as determined by the council. Interest for each year may be computed and collected up to the next succeeding date for payment of principal and interest on the bonds issued pursuant to sections 12-44, 12-45, and 12-46, no deduction being made by reason of any installment being due and payable prior to such date; provided, that after the annual installments are determined and fixed if it appears to be of advantage to the assessee, the council may permit the director of finance to accept payments in monthly installments as hereinabove provided.