(A) The Village Council may provide for the payment of special assessments in annual installments. Such annual installments shall not exceed 20 in number, the first installment being due upon confirmation of the roll or on such date as the Village Council may determine and deferred installments being due annually thereafter, or in the discretion of the Village Council, may be spread upon and made a part of each annual village tax roll thereafter until all are paid.
(B) Interest shall be charged on all deferred installments at a rate of 7% or the highest amount permitted by state law for such assessments, whichever is greater, commencing on the due date of the first installment and payable on the due date of such subsequent installment; the full amount of all or any deferred installments, with interest accrued thereon to the date of payment, may be paid in advance of the due dates thereof.
(C) If the full assessment or the first installment thereof shall be due upon confirmation, each property owner shall have 60 days from the date of confirmation to pay the full amount of said assessment, or the full amount of any installments thereof, without interest or penalty. Following said 60-day period, the assessment or first installment thereof shall, if unpaid, be considered as delinquent and the same penalties shall be collected on such unpaid assessments or first installments thereof as are provided in this subchapter and state law to be collected on delinquent general village taxes. Deferred installments shall be collected without penalty until 60 days after the due date thereof, after which time such installments shall be considered as delinquent and such penalties on said installments shall be collected as are provided in the village ordinance to be collected on delinquent general village taxes.
(D) After the Council has confirmed the roll, the Village Treasurer shall notify by mail each property owner on said roll that said roll has been filed, stating the amount assessed and the terms of payment. Failure on the part of the Village Treasurer to give said notice or of such owner to receive said notice shall not invalidate any special assessment roll of the village or any assessment thereon, nor excuse the payment of interest or penalties. At the option of the Village, the notice or bill for the amount owing may be sent out after the project has been completed. In such event no interest shall be owing nor shall the 60-day period begin to run until after the notice has been mailed by the Village Treasurer.
(Ord. 156, passed 5-19-2004)