Paying Your Assessment in Installments

In case of an election to pay any assessment in installments, the assessment shall be payable in not less than five (5) nor more than twenty (20) annual installments; provided that in an improvement or improvements made pursuant to Section 24-3.1, with respect to which the required amount for the contract price and other costs involved is obtained through the sale of general obligation bonds or from the special assessment revolving fund or both pursuant to Section 24-5.1(b), the assessments may be made payable in not more than two hundred forty (240) monthly installments. Interest shall be paid on the unpaid principal at a rate not exceeding fifteen percent (15%) per annum. The number of such installments and period of payment and the rate of interest shall be as determined by the Council.The owner of any land assessed may at any time after the expiration of the first thirty (30) day period pay the entire unpaid principal of assessment, or any portion of the unpaid principal, together with interest on the amount so paid to the date for the payment of the next subsequent installment, and such owner shall no longer be liable for the interest which would otherwise have accrued after such date on the amount of principal so prepaid. Any prepayment of the unpaid principal of an assessment shall be applied to reduce the unpaid principal of the assessment outstanding; shall be credited against the outstanding principal installments in inverse chronological order; and shall not relieve the owner of the land assessed from the payment of the amount of the installment of principal and interest next due.