(a) The amount of interest which will accrue on notes, bonds, or other evidences of indebtedness issued by a district shall be included in and added to the taxes levied against the land in the project area, but the interest to accrue on the notes, bonds, or other evidences of indebtedness shall not be construed as a part of the costs of construction in determining whether the expenses and the costs of making the improvements exceed the assessment of benefits.
(b)
(1) When the tax levies are made, the landowners shall have the privilege of paying the taxes in full, without interest, within thirty (30) days after the levy becomes final.
(2) But all these taxes shall be made payable in installments, so that not more than ten percent (10%) of the taxes shall be collectible in any one (1) year against the wishes of the landowner. In the event that any landowner avails himself of this privilege, the deferred installments of the taxes shall bear interest at the rate of six percent (6%) per annum and shall be payable only in installments as levied.
(3) However, the commencement of the payment of the taxes in installments may be deferred for such period after the completion of the improvement plan as the chancery court deems to be in the best interests of the landowners in the project area.
(4) If any landowner shall pay in full the levy of taxes against his land as herein provided, that land shall not be further liable by reason of the assessment of benefits or any reassessment thereof except a reassessment because of changed plans as provided in § 14-125-705, and then only to the extent of the increase in assessment, if any, because of the greater benefit thereby received. However, in case of any additional assessment for greater benefit, any landowner who shall have paid his previous tax levy in full shall have the privilege of paying in full the increase in tax levy in the manner herein provided.