The property owner assessed shall have the option of paying for improvements in cash or in not less than two or more than five equal annual installments as may have been determined in the resolution ordering the improvements. If paid in installments, installments shall bear interest at the rate fixed in the assessment resolution, but not more than eight percent (8%) per annum from the date of confirmation of the assessment roll. If any assessment is not paid in cash, the first installment with interest shall become due and payable 30 days after the publication or posting of the notice of confirmation, and one subsequent installment and interest shall be due and payable on the same day of the same month in each successive year until the assessment is paid in full; provided, however, that if the Board shall so direct installments shall become due and payable on the same date when property taxes of the Town are due and payable. If any installment with interest is not paid when due, it shall be subject to the same penalties as are now prescribed by law for unpaid taxes, in addition to the interest herein provided for. The whole assessment may be paid at any time by the payment of the full amount due with accrued interest.
(Session Laws of 1973, Chapter 386) (Ord. 2004-45, passed 4-4-2004)