When the amount required by § 99.058 has been deposited with the town, the street improvement assessment procedure authorized by G.S. Chapter 160A, Article 10 shall be followed and assessments shall be made against the properties abutting upon the improvement according to an equal rate per front foot. Property owners who have made a cash deposit in advance as required by § 99.058 shall be credited for these payments on the assessment rolls. In accordance with the requirements of state law, property owners not paying assessments by cash in advance shall pay their assessments in five equal annual installments which shall bear interest at the rate of 6% per annum.
('71 Code, § 13-84)