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(A) Installment option. The assessment shall be due and payable within 30 days after final publication of the assessing ordinance without demand except that all assessments at the election of the owner may be paid in installments.
(B) Installments automatic unless paid in full. Failure to pay the whole assessment within said 30 days shall be conclusively considered and held to be an election on the part of the persons interested, whether under disability or not, to pay in such installments. All persons so electing to pay in installments shall be conclusively held and considered as consenting to said improvements and such election shall be conclusively held and considered as a waiver of any right to question the power or jurisdiction of the municipality to construct the improvement, the quality of work, the regularity or sufficiency of the proceedings, or the validity or the correctness of the assessments or the validity of the lien therefor.
(Ord. 14(1988) § 1)
In a case of an election to pay in installments, the cost shall be payable in annual installments over a period not to exceed five years in length and the interest rate shall be the rate charged to large commercial borrowers by major United States banking institutions as reported in the Wall Street Journal on the day of the final reading of the ordinance accepting the work and levying the assessments pursuant to this section.
(Ord. 14(1988) § 1)
Failure to pay any installment, whether principal or interest, when due, shall cause the whole of the unpaid principal to become due and collectible immediately, and the whole amount of the unpaid principal and accrued interest shall thereafter draw interest at the rate of 1.5% per month or fraction of a month until the date of sale, as provided hereinafter. At any time prior to the date of sale, the owner may pay the amount of all unpaid installments with interest and all penalties accrued, and shall thereupon be restored to the right thereafter to pay in installments in the same manner as if default had not been suffered. The owner of any property not in default as to any installment or payment may at any time pay the whole of the unpaid principal with the interest accruing to the maturity of the next installment of interest or principal.
(Ord. 14(1988) § 1)
The County Treasurer shall receive payment of all assessments on the assessment roll, with interest, and, in the case of default in the payment of any installment of principal or interest when due, shall advertise and sell any and all property concerning which such default is suffered for the payment of the whole of the unpaid assessments thereon. The advertisements and sales shall be at the same times and in the same manner under all the same conditions and penalties and with the same effect as is provided by general laws for sales of real property in default of payment of general taxes.
(Ord. 14(1988) § 1)