The municipality may allow assessed property owners to pay an assessment in installments, and owners who use that option must sign promissory notes and follow the stated payment terms.
§3336. Installment payments; notes evidencing deferred payments; municipality as abutting owner The governing authority of the municipality may provide in the ordinance accepting the work and making the assessment that the property owners therein assessed (including the municipality where it owns property abutting on the street paved), availing themselves of the privilege within thirty days after the passage of the ordinance, may (1) pay in cash twenty per cent of the amount of their indebtedness and pay the balance in four equal annual installments, or (2) pay in cash ten per cent of the amount of their indebtedness and pay the balance in fifteen equal annual installments. As evidence of these deferred payments the property owners shall sign (1) four promissory notes, each for twenty per cent of the amount due and payable one, two, three and four years after date respectively, or sooner at the option of the maker, or (2) fifteen promissory notes each for six per cent of the amount due and payable one, two, three, four, five, six, seven, eight, nine, ten, eleven, twelve, thirteen, fourteen, and fifteen years after date respectively, or sooner at the option of the maker. In either case the notes shall be made payable to the order of the municipality, dated thirty days after the passage of said ordinance, bear interest at a maximum rate of six per cent per annum from date until paid, payable annually, and ten per cent attorney's fees if placed in the hands of an attorney for collection after maturity, which notes when paraphed by the clerk or secretary of the municipality to identify them with the ordinance levying the assessment, shall carry with them in the possession of any bona fide owner the lien and privilege above provided. In making the assessments for the work done as above provided the municipality shall be considered and treated as any other property owner as to lots or land owned by it abutting on the street or alley improved under this Sub-part, and the governing authority of the municipality shall have the right to issue certificates, notes, or other evidences of debt, to represent the deferred payments on its assessment, levied against it in the ordinance accepting the work and levying the assessment therefor and fixing the terms of payment. At the time of the issuance of the certificates, notes, or other evidences of debt the governing authority shall, by ordinance, provide for their payment and shall set aside, dedicate, and pledge so much of the general revenues of the municipality in each year, for the years through which the certificates, notes, or other evidences of debt may run, as may be necessary to pay them in principal and interest as they mature. This dedication and pledge shall be incorporated in the certificates, notes, or other evidences of debt when issued, and shall constitute a fixed charge against the general revenues of the municipality. Amended by Acts 1950, No. 525, §3; Acts 1954, No. 601, §1.