(a) It shall be provided, by ordinance, that the municipal improvement district assessment of benefits shall be paid in successive annual installments so that the tax levied in any one (1) year shall not exceed twenty-five percent (25%) of the assessed benefits accruing to real property.
(b)
(1) The ordinance shall provide that the first annual installment shall be collected by the county tax collector on the date fixed in the ordinance, and the second and subsequent annual installments shall be paid thereafter with the first installment of general taxes beginning with the installment of general taxes becoming due more than five (5) months after the date fixed in the ordinance.
(2) The municipality may provide in the ordinance that, after payment of the initial installment, the annual assessment of benefits may be paid in quarterly installments along with the quarterly installments of ad valorem taxes at the election of the taxpayer.
(c) The ordinance may provide that the collection of the annual installment shall be suspended, in whole or in part, for any year upon the filing with the collector, by December 1 of the preceding year, by the commissioners of the district of a certificate reciting the amount of funds available to meet the debt service requirements of the bonds of the district and, if necessary to provide additional funds sufficient therefor, certifying the percentage of the next annual installment on the amount of benefits necessary to be collected.