Except as otherwise provided by the council, no payments of assessments shall be accepted
prior to the adoption of the final assessment roll. Thereafter, any payments made
after 30 days from the date of the final notice shall be made only upon payment of
applicable interest and applicable prepayment premium, if any, at the office of the
county manager (or such other official as the council shall designate to collect assessments).
The county manager (or such other official as the county manager shall determine)
shall note (mechanically or electronically) on the assessment roll any prepayments
and shall maintain a record of the name and address of persons making prepayments
prior to completion of the project. The council may determine the time during which
prepayments may be made and the amount of interest and prepayment premium, if any,
payable at the time of payment. If not prepaid, all assessments shall be payable in
equal principal installments (unless otherwise provided by the council), with interest
on the outstanding balance at the rate and from the date set by the final assessment
ordinance; provided, however, all assessments shall immediately become due and payable
upon the sale of the benefited parcel or lot. Assessments shall be collected in the
manner set forth in division 4 hereof. Subject to the provisions of section 110-141 hereof, if bonds or notes are issued to finance costs of the improvements as provided
in division 5 hereof, the assessments shall bear interest at a rate not to exceed
one percent above the true interest cost of such bonds or notes (provided the true
interest cost on the bonds and notes may include any ongoing expenses or administrative
costs incurred by the county related to the bonds and notes and collection of the
assessments), from the date the assessment roll is adopted or such other date as the
council may provide, payable in each of the succeeding years, not to exceed 30 years,
which the council shall determine; provided, however, that during any period in which
assessments are outstanding and bonds or notes have not been issued, the council may
establish an interest rate for the assessments, not to exceed the maximum rate permitted
by law. The council may provide that any assessment may be paid at any time before
due, together with any applicable prepayment premium and interest accrued thereon
to the date of payment or such later date if bonds or notes have been issued as shall
be determined by the council, if such prior payment shall be permitted by the proceedings
authorizing such bonds or notes for the payment of which such assessments have been
pledged.
