Whenever the Council shall cause to be improved any street, alley, public way, sidewalk, curb and gutter, sewer, water main or ground, the cost of which is to be paid by special assessment abutting property, the Council may divide the special assessment into any number of equal annual installments, not exceeding 10. Interest on deferred installments shall be at a rate not to exceed 12% per annum; provided that if the Council shall determine to divide the special assessment into installments, the resolution declaring the necessity for the improvement shall state that the special assessment therefor will be payable in equal annual installments and the number thereof.
(1975 Code, § 22-8) (Ord. 792, passed 6-2-1980)