Interest shall be charged on any assessment deferred pursuant to this chapter at a rate equal to the rate charged on other assessments for the particular public improvement project the assessment is financing. If the city council grants an assessment deferral to an applicant, the interest may also be deferred, or the interest may be due and payable on a yearly basis up until the assessment period terminates and only the principal is deferred. The decision as to whether the principal and interest or just the principal is deferred is made by the city council when considering the application. (New Market 2004 Code § 1-6-4)