At the same meeting at which the special assessment roll is confirmed by the Village Council, Council shall by resolution determine the number of annual installments, if any, into which all assessments levied in the roll shall be divided for collection, not exceeding 20 in number, at the time of the year as the Council shall determine with the annual interest at a rate of 6% per annum, unless bonds are issued in anticipation of collection of the special assessment, and, in that case, the rate of interest shall be no greater than 1% in excess of the rate of interest borne by the bonds, as set by resolution of the Council. In either event, no interest shall be charged until 30 days after confirmation, and no individual principal payment, except the last installment, may be for less than $20. The balance or any additional portion of the assessment may be paid to the Village Treasurer at any time after confirmation of accrued interest thereon.
(Prior Code, § 442.15)