(A) The Commission may provide for the payment of special assessments in annual installments. Such annual installments shall not exceed 30 in number, the first installment being due upon confirmation of the roll and the deferred installments being due annually thereafter; however, the Commission may, in its discretion, spread upon and make a part of each annual city tax roll thereafter the annual installments heretofore mentioned. The first annual installment may be spread the next year following the confirmation at an interest rate not to exceed the maximum established by state law for municipal borrowing. After the Commission has confirmed the roll, the City Treasurer shall notify by mail each property owner on the roll that the roll has been filed stating the amount assessed.
(B) Each property owner shall have 30 days from the date of such notification to pay the assessment in full and without interest or penalty. Upon the expiration of the 30-day period, the roll shall be closed for collection and forwarded to the city assessor for spreading the roll on all unpaid assessments in conformity with the Commission resolution. Following the 30-day period, the property owner may pay all of his or her assessment at any time but shall be required to pay all interest that the city has obligated itself to pay upon the description by reason of financing the improvement. Failure on the part of the City Treasurer to give the notice or of such owner to receive the notice shall not invalidate any special assessment roll of the city or any assessment thereon nor excuse the payment of the interest.
(1991 Code, § 1.185)