The amount assessed against parcels located outside the corporate limits of the City that are contiguous to or intended to be served by an improvement shall be paid by the City from a revolving fund, and the owner of any such parcel shall be required to pay such amount with interest at an annual rate of eight percent before such parcels is connected to such improvement. In the event of a petition for a voluntary annexation of such parcel, it shall be a condition of annexation that such amount be paid to the City. In the event of involuntary annexation of any such parcel and the connection of such parcel with the improvement, whether such connection is voluntary or by reason of mandatory provisions of any Federal, State or local law, the owner of the parcel shall be required to pay the amount assessed against the parcel, with interest, before the connection is made.
(1977 Code § 39-114)