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The resolution approving and confirming the assessment list shall provide whether the special assessments shall be payable in cash within 30 days from the adoption of the resolution, or whether the special assessments shall be payable in annual installments not exceeding ten annual installments, the first of which shall be payable on or before the expiration of 30 days from the date of confirmation. If the City Commission desires that the assessment shall be payable in annual installments, it shall fix an interest rate, equal to the prime rate of interest charged by financial institutions on the business day immediately preceding the date of adoption of the resolution approving and confirming the assessment list. However, the interest rate shall not exceed 18% per annum. For purposes of this section, the PRIME RATE is defined as the base rate on corporate loans at large U.S. money center commercial banks, as published in the Wall Street Journal. The owner of the property desiring to pay his assessment in installments, if he shall be permitted, shall, on or before 30 days from the confirmation of the assessments, file with the City Treasurer and Collector a written application to pay the assessments in installments, which application shall state that the applicant and property owner waives all irregularities or defects, constitutional, jurisdictional, or otherwise, in the proceedings for the improvement for which the assessments are levied, and in the apportionment of the cost thereof; and thereafter the validity of the assessments shall not be called in question. The payment of an assessment, in whole or in part, shall constitute a waiver of all defects, constitutional, jurisdictional, or otherwise, in the proceedings. The application shall also contain an agreement that the applicant and property owner will pay the assessment in installments at the date fixed by the resolution, with interest at the rates specified in the resolution. The application shall also make a reference to the number of the improvement, and shall contain a description of the lots or parcel or property of the applicant, assessed for the improvement.
(Special Acts, Ch. 57-1754, § 197) ('58 Code, § 45.144) (Ord. 82-55, passed 5-18-82)