How to pay off your assessment early

(a) In case of an election to pay any assessment in installments, subject only to the limitation, if any, of the State constitution, the assessment shall be payable in substantially equal annual or semiannual installments of principal only, or of both principal or interest, as the council shall determine. The number of such installments and period of payment and the rate of interest on unpaid installments shall be as determined by the council. (b) The owner of any land assessed may, at any time after the expiration of the first 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, plus a prepayment premium, as established by the council, which shall not be less than the premium payable on redemption of any bonds payable or reimbursable from such assessment. Such owner shall no longer be liable for the interest that 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. )