Special assessments shall be payable as follows: Paving and street projects, annual installments of not more than ten (10) years; construction or extension of sanitary sewers and water mains for fire protection and domestic uses and construction of filtration plants, annual payments of not more than twenty (20) years; purchase or construction of water works or sewage disposal plants, annual payments of not more than forty (40) years; public work projects not otherwise governed by State law, not more than twenty (20) years. The amount of each installment (if more than one) need not be extended upon the special assessment roll until further confirmation. The first installment of a special assessment shall be due on or before such time after confirmation as the Council shall fix, and the several subsequent installments shall be due at intervals of twelve (12) months from the date of the first installment or from such other date as the Council shall fix. All unpaid installments prior to their transfer to the Village Tax Roll, shall bear interest, payable annually, at a rate to be fixed by the Council not exceeding six (6) per cent per annum, fixed by the Council. The whole assessment against any lot or parcel of land may be paid to the Village Treasurer at any time in full with interest and penalties accrued to the date of the payment of the next installment. If any installment of a special assessment is not paid when due, then the same shall be deemed to be delinquent and there shall be collected thereon, in addition to interest as above provided, a penalty at the rate of one-half of one (1/2 of 1) per cent for each month or fraction thereof that the same remains unpaid before being reported to the Council for reassessment upon the Village Tax Roll. The Village's portion of the cost of any improvement may be divided into installments the same as the assessments against lands in the district and in such case the provisions of this chapter relative to such installments shall apply to the Village installments insofar as they are applicable.
(Char. eff. June 7, 1954; Amend. eff. Aug. 14, 1956; further amend. eff. April 3, 1989)