(A) Upon the confirmation of any special assessment roll, the Council may direct that the total amount of such special assessment shall be divided into such number of annual installments as determined by the Council, but not to exceed ten in number, the first of which shall be due and payable on the tenth day of the second calendar month following such confirmation of the special assessment roll, and one of which installments shall be due and payable within a year thereafter, at a time corresponding to the date of the confirmation of the assessment roll. In case the Council does not divide any special assessment into installments, then the whole of such special assessment shall be due and payable on the tenth day of the second calendar month after the date of the confirmation thereof; provided, however, that the Council may fix an earlier date when the entire assessment, or, if divided into installments, when the first installment shall be due and payable.
(B) All installments of any special assessment, except the first, shall bear interest from the date of the confirmation of the special assessment roll until their maturity at such rate, not exceeding 8% per annum, as may be fixed by the Council, payable annually; provided, however, that the entire assessment against any lot or parcel of land may be paid without interest on or prior to the tenth day of the second calendar month following the confirmation of said roll. Every special assessment, or installment thereof, one month in default because of nonpayment at maturity shall have added thereto a collection fee of 1% for each month or fraction thereof so in default. All collection fees shall belong to the village and shall be collected in the same manner as the collection fee for village taxes.
(2005 Code, § 9.117) (Ord. 2-88, passed - -)