In case of such election to pay in such installments, the assessment shall be payable in two or more equal annual installments of principal, the first of which installments shall be payable as prescribed by the governing body in not more than one year, with interest in all cases on the unpaid principal, payable semiannually, at a rate not exceeding six percent per annum. The number of installments, the period of payment, and the rate of interest shall be determined by the governing body and set forth in the assessing ordinance.
Source: L. 75: Entire title R&RE, p. 1265, § 1, effective July 1.
Editor's note: This section is similar to former § 31-35-508 as it existed prior to 1975.