(a) If the water and sewer assessment has not been paid in advance, the owners of assessed property shall have the option, within thirty (30) days after the publication of the notice that the assessment roll has been confirmed, of paying the assessment either in cash or in not more than ten (10) annual installments, as provided by the city council in the resolution directing the project be undertaken. With respect to payment by installment, the resolution by the city council may provide:
(1) that the first installment with interest shall become due and payable on the date when property taxes are due and payable, and one subsequent installment and interest shall be due and payable on the same date in each successive year until the assessment is paid in full; or
(2) that the first installment with interest shall become due and payable sixty (60) days after the date the assessment roll is confirmed, and one subsequent installment and interest shall be due and payable on the same day of the month in each successive year until the assessment is paid in full.
(b) Except for an assessment held in abeyance under authority of the assessment resolution adopted pursuant to the provisions of section 5-1-102(6), any portion of an assessment that is not paid within thirty (30) days after publication of the notice of the confirmation of the assessment roll shall bear interest until paid at a rate to be fixed in the assessment resolution, but not more than 8% per annum; an assessment held in abeyance shall bear interest at said rate beginning with the date of connection or the date certain set in accordance with section 5-1-102(6), whichever first occurs.
(c) If any installment of an assessment is not paid on or before the due date, all of the installments remaining unpaid shall immediately become due and payable, unless the city council waives acceleration. The city council may waive acceleration and permit the property owner to pay all installments in arrears together with interest due thereon and the cost to the city of attempting to obtain payment. If this is done, the remaining installments shall be reinstated so that they fall due as if there has been no default. Waiver of acceleration and reinstatement of future installments may be done at any time before foreclosure proceedings have been instituted.
(d) Assessment liens may be foreclosed under any procedure prescribed by law for the foreclosure of property tax liens, except that lien sales and lien sale certificates shall not be required, and foreclosure may be begun at any
time after thirty (30) days after the due date. The city shall not be entitled to a deficiency judgment in an action to foreclose an assessment lien. The lien of special assessments shall be inferior to all prior and subsequent liens for state, local and federal taxes, and superior to all other liens. (Ord. of 1/4/88, No. 112-88; Ord. of 2/2/01, No. 340-00)